Read the full transcript of PM Narendra Modi’s remarks (translated version) at Economic Times World Leaders Forum, August 23, 2025.
Opening Remarks
PM NARENDRA MODI: Hello. I greet all the guests who came to the World Leaders Forum. The timing of this forum is very perfect, and so I appreciate you.
Just last week, I have talked about Next Generation Reforms from the Red Fort, and now this Forum is working as the Force Multiplier of this period.
India’s Economic Strength in Global Context
Friends, Geo Economics has been discussed in great detail here on global conditions. When we see in Global Context, you feel the strength of Economy of India.
Today India is the world’s fastest growing Major Economy. We are going to become the third largest economy in the world very soon. Experts are saying that India’s contribution in the world’s growth is going to be around 20% very soon.
This growth, this resilience which we are seeing in the Economy of India, is behind this Macroeconomic Stability in India in the last decade.
Strong Economic Fundamentals
Today our fiscal deficit is expected to reach 4.4%, and this is when we have faced such a big crisis of covid. Today our companies are collecting record funds from Capital Market. Today our banks are stronger than ever. Inflation is very low, interest rates are low. Today our current account is in deficit control, forex reserves are also very strong.
Not only this, thousands of crores of rupees are being invested in the market every month through millions of domestic investors SIPs.
Friends, you also know that when Fundamentals of Economy are strong, its foundation is strong, then its effect also has everywhere. I have just discussed this in detail on 15 August. I will not repeat those things, but what has happened in around August 15 and then in a week is a great example of India’s growth story.
Recent Economic Achievements
Friends, the latest figure has just come that in the month of June alone, I talk about a month, EPFO data alone has 2.2 million formal jobs connected, and this number is more than any month. India’s inflation is the lowest level after 2017. Our Foreign exchange reserves are close to their record high.
In 2014, our Solar PV Module Manufacturing Capacity was around 2.5 GW. The latest figure is that today this capacity has reached the historic stop of 100 GW.
Our airport in Delhi has also reached the Elite 100 Million Plus Club of Global Airport. Today, the annual passenger handling of this airport is of 100 million plus. Only six airports in the world are part of this Exclusive Group.
Friends, another news has come in the past. S&P Global Rating has done India’s Credit Rating Upgrade, and this has happened after about two decades. That is, India remains hopeful for the rest of the world with its resilience and strength.
Learning from Past Mistakes
Friends, we have been listening to a line repeatedly in the common colloquial, sometimes we also speak, sometimes we listen, and it is said that “Missing the Bus”, that is, some opportunity comes and it leaves. Earlier governments in our country have left many such buses of Technology and Industry opportunities.
I have not come today with the intention of criticizing anyone, but in democracy many times, the situation becomes more clear.
Friends, earlier governments kept the country entangled in Vote Bank’s politics. His thinking was not to think beyond the election. He used to think that the cutting-edge technology is from developed countries. If we ever need, we will import from there. This was the reason that for years our country had to lag behind many countries of the world. We just kept missing.
Technology Transformation Examples
Let me tell you some examples. For example, when our Communication Sector, when the internet era started in the world, the government of that time was confused. Then we have seen what happened. We missed that bus. We have also been dependent on foreigners for 2G, 3G and 4G. After all, how long did this go on?
So after 2014, India changed its approach. India decided that we will not leave any bus, but will move forward by sitting on the driving seat. And so we developed our entire 5G stack in the country itself. We also created Made in India 5G and took the fastest across the country. Now we are working fast on Made in India 6G.
Semiconductor Revolution
Friends, we all know that becoming a semiconductor in India could also start 50-60 years ago, but India also missed that bus. And this was the case for many years to come. Today we have changed this situation. Factories related to semiconductor have started in India. By the end of this year, the first made in India chip will come in the market.
Space Sector Achievements
Friends, today is also the National Space Day. I wish you all the best of National Space Day. And I will also talk about this sector.
Space missions were also limited before 2014 and their scope was also limited. Today in the 21st century, when every big country is exploring the possibilities of space, how can India be behind?
So we also reform in Space Sector and open it for Private Sector. I give you a figure. From Year 1979 to 2014, there were only 42 missions in India, i.e. 42 missions in 35 years. You will be happy to know that more than 60 missions have been completed in the last 11 years. There are many missions line ups in the coming time. In the same year, we have also gained the ability of space docking. This is a very big achievement for our future missions.
Now India Gaganyaan Mission is preparing to send our astronauts to space, and in this we are also going to get a lot of help from the experiences of Group Captain Subhansu Shukla.
Space Sector Reforms
Also, it was necessary to free the space sector to give new energy. We first increased Private Clear Rules, for the first time the spectrum allocation transparent was the first, the Foreign Investment Liberalized for the first time.
In this year’s budget, we have also given a venture capital fund of thousand crore rupees for Space Startups.
Friends, today India’s space sector is watching the success of these reforms.
In 2014, there was only one space Startup in India, today there are more than 300. And the time is not far when we will have our own space station in space.
Reform Philosophy
We are moving forward with the goal of Quantum Jump, not for Incremental Change. And reforms are neither compulsion for us, nor Crisis Driven. This is our committee, our conviction. We do deep reviews of a sector with a holistic approach, and then one by one reforms in that sector.
Recent Parliamentary Reforms
Then a few days ago there is a monsoon session of Parliament. In this monsoon session, you will see the continuity of reforms. Despite creating many disruptions by the opposition, we are engaged in the reforms with full commitment.
Public Faith 2.0 in this monsoon session. It has been a huge reform related to Trust-Based Governance and Pro-People Governance.
In the first edition of public belief, we decriminalized about 200 Minor offenses. Now in the second edition of this law, we have declared more than 300 Minor offenses.
In the same session, the Income Tax Act has also been reformed. This law, which has been going on for 60 years, has now been made further simplified.
There is also a special thing in this too. Earlier, the language of this law was such that only lawyers or CAs could understand it properly. But now Income Tax Bill has been prepared in the language of the general taxpayer of the country. This shows how sensitive our government is about the interests of citizens.
Sector-Specific Reforms
Friends, in the same monsoon session, there is also a lot of amendment in laws related to mining. Laws related to Shipping and Port have also been changed. These laws were also coming like this since the British era. Now the reforms that have taken place will nurture India’s Blue Economy and promote development.
Similarly, new reforms have been done in Sports Sector. We are preparing India for big events. Sports are building the entire EcoSystem of Economy. Therefore, the government has also come up with the new National Sports Policy “Khelo India” policy.
Continuous Reform Agenda
Be satisfied in the colleagues, who have achieved the goal. This is enough to do so, now Modi will rest. This is not in my nature. We have the same thinking about reforms. We keep preparing for further. We have to move forward.
Now you are going to bring another entire Arsenal of reforms. For this we are working on many fronts. We are eliminating unnecessary laws, simplifying rules and procedures, digital procedures and approvals. Many provisions are decriminalized.
In this episode, a huge reform is also being done in GST. This process will be completed by this Diwali. This will make GST even easier and will also reduce prices.
Future Vision
Friends, this Arsenal will increase manufacturing in India for next generation reforms, demand in market will increase, Industry will get new energy, new opportunities will be created, and Ease of Living and Ease of Doing Business will be improved.
Friends, today India is busy with full power to develop by 2047. And the basis of developed India, we are carrying forward the scale to earn self-reliance.
Renewable Energy Success
Friends, the renewable energy sector of India is also working very fast. We had decided that by 2030 we would generate 50% of our total power capacity from Non-Fossil Fuel. It was different till 2030, we achieved this target 5 years ago, in 2025 only this year.
Self-Reliant India Achievements
Friends, the policies that were earlier had a lot of emphasis on import. People had their own brothers, their own games. But today India is making new records in the self-sufficient India.
In the last one year, we have exported agricultural products worth Rs four lakh crore.
In the last one year, 800 crore Vaccine Doses have been formed all over the world, of which 400 crores have been made in India only.
In 6 and a half decades of independence, our exports reached around Rs 35,000 crore. Today it is reaching about 3.25 lakh crore rupees.
Friends, by 2014, India used to do Automobile import. Today, India is doing Automobile Export of Rs 1 lakh 20,000 crore in a year. Today we are starting to do Metro Coach, Rail Coach to Rail Locomotive export.
By the way, if I have come among you, let me tell you about another success of India. India is now going to export to 100 countries of the world also Electric Vehicles. After two days, a very large program associated with this is also being held on 26 August.
Research and Development Focus
Friends, you all know that there is also a huge basis for the progress of the country. It can be passed through Imported Research, but whatever is our resolve cannot be proved. Therefore, we need urgency in the research field.
We have worked very fast to encourage research. For this, we are continuously working on the necessary policy and platform. Today on Research and Development the expenses to be more than two times compared to 2014.
The number of patents filed compared to 2014 has also increased to 17 times. We have installed Research and Development Cells in about 6000 Higher Education Institutes. You are also familiar with One Nation One Subscription. It has made them very easy for students to reach world class research journals.
We have created a National Research Foundation with a budget of fifty thousand crore rupees. One lakh crore rupees has also been approved the Research Development Fund Innovation Scheme. The goal is that the new research in the private sector, especially in Sunrise and Strategic Sector, gets support.
Call to Industry
Friends, there are also big stalwarts of Industry in this Summit here. Today, there is a demand of the hour that Industry and Private Sector should come forward, especially Clean Energy, Quantum Technology, Battery Storage, Advanced Materials and Biotechnology, increase your work and increase your investment.
This will give new energy to the resolve of developed India.
Closing Remarks
India, which is running on the mantra of colleagues, reform, performance, transform, is in a position today that it can bring the world out of slow growth.
We are not people who have enjoyed by sitting on the shore in a stagnant water. We are the people who divert the flowing stream. And as I told the Red Fort, India walks with the ability to turn the time.
Also, I once got an opportunity to meet you, I thank Economic Times for this. I also thank all of you very much from my heart. I wish you a lot of best wishes. Thank you.
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