India's Economic Ascent: PM Modi Highlights 16% Global Growth Contribution
Prime Minister Narendra Modi delivered a powerful address at the ET Now Global Business Summit on Friday, revealing that India now accounts for approximately 16% of global economic growth. He expressed strong confidence that India is positioned to become a primary driver of worldwide economic expansion in the coming years.
Unprecedented Development Amid Global Challenges
Modi emphasized that the current decade has witnessed a phase of unprecedented development for India, despite facing multiple global disruptions. He attributed this remarkable progress to robust policy delivery and the enduring stability of India's democratic framework.
"Today, India accounts for 16% of global growth, and I am confident that our contribution will continue to increase in the future," the Prime Minister stated. "India is poised to drive the world's economic growth and emerge as a new engine of global progress."
Shift in Global Economic Paradigm
The Prime Minister articulated that the world is transitioning toward a new global order where nations are increasingly focusing on building internal resilience rather than adhering to uniform development models.
"The system established then was based on the idea of 'one size fits all'. It was then assumed that the world economy would be at the core... In this system, nations were viewed solely as contributors. But today, this model is being challenged," Modi explained.
He noted that every country is now realizing the necessity of constructing its own resilience. Remarkably, India anticipated this shift as early as 2015, embedding this vision into the founding document of Niti Aayog.
"What the world is discussing today, India made that its policy in 2015 itself. India had made its vision clear in the founding document of 'Niti Aayog', that India will not import even a single development model from any other nation," he asserted, as quoted by ANI.
Reform Express Driven by Conviction
Modi highlighted that his government is advancing reforms with deep conviction rather than external pressure. He described India's current trajectory as riding on the "Reform Express," characterized by voluntary acceleration rooted in commitment.
"Today, in this decade of the 21st century, India is riding on the Reform Express, and the biggest specialty of this Reform Express is that we are accelerating it not out of compulsion, but with conviction and with reform commitment," he declared.
The Prime Minister also pointed out a significant shift in the Union Budget's approach, moving from being largely outlay-driven to becoming outcome-focused, ensuring more effective utilization of resources.
Resilience Through Global Crises
Referencing a series of global shocks—including pandemics, wars, geopolitical tensions, and supply chain disruptions—Modi underscored India's ability to continue strengthening both growth and governance outcomes.
"... Global pandemics, tensions across the globe, wars, and supply chain breakdowns: the world has seen a lot in just a decade. It is said that a nation's strengths are revealed in times of crisis," he remarked.
"And I am very proud that, despite many setbacks, this decade has been one of development, excellent delivery, and strengthening of democracy for India," Modi added, reinforcing that India's true potential has emerged vividly during these challenging times.
Technology and Innovation as Core Pillars
Concluding his address, the Prime Minister reaffirmed that technology and innovation remain central to India's growth strategy. This focus is expected to further bolster India's role as a global economic powerhouse, driving sustainable and inclusive progress on the world stage.
