On 13 October, Prime Minister Narendra Modi delivered a speech at the Bloomberg New Economy Forum in Delhi, emphasising the need for power to create opportunities for others. He introduced the concept of “Power to Empower,” asserting that technology, data, knowledge, and innovation are essential sources of power in today’s world. However, he noted that their true value lies in how they benefit society.

Modi urged nations to collaborate and share the advantages of progress, highlighting the importance of cooperation and protection in fostering broader opportunities for all. He underscored that power must be used to uplift individuals and communities.

Affordable Data and Digital Payments

During his address, PM Modi pointed out India’s efforts since 2014 to make mobile data more affordable, which has significantly enhanced access to digital learning for students and allowed young people to participate in online courses. He described connectivity as a vital tool for linking people to opportunities, stating, “In India, connectivity has not just connected people, it has connected opportunities.”

Furthermore, he highlighted India’s inclusive digital payments system, which caters to businesses of all sizes, from street vendors to large car showrooms. Modi also mentioned the CoWIN platform, which was made available to other countries during the COVID-19 pandemic, showcasing India’s commitment to sharing its digital infrastructure.

Modi revealed that India’s startup ecosystem has expanded to over 2.5 lakh startups, with nearly half originating from smaller towns and cities. He noted that more than 45 per cent of these startups have at least one woman director or partner, linking this growth to increased innovation opportunities.

Welfare and Global Contributions

In his speech, PM Modi stated that governments should empower citizens to become self-sufficient rather than dependent. He highlighted that India has lifted 25 crore people out of poverty over the past decade through direct financial transfers, which have reduced corruption and streamlined assistance. He asserted that India’s growth is not at the expense of others but aims to benefit the global community.

Modi also mentioned India’s role in supplying vaccines to over 100 countries during the pandemic, illustrating how the nation’s manufacturing capabilities can serve humanity. He emphasised that India’s strengths should be leveraged to create new opportunities for other nations, stating, “Our strength should empower humanity.” Additionally, he noted that India produces one in five generic medicines globally.

He discussed the rise of renewable energy capacity in India, which increased from approximately 75 gigawatts in 2014 to around 300 gigawatts. Modi highlighted initiatives such as PM Surya Ghar and PM Kusum, which connect households and farmers to solar energy, thereby reducing costs for farmers.

Trust and Economic Growth

PM Modi warned that global crises have made trust and reliability essential in international partnerships, particularly concerning supply chains and technology. He positioned India as a dependable partner amid uncertainty, urging nations to work together and build mutual understanding.

He cited India’s economic growth rate of 7.8 per cent for the April-June quarter and noted that foreign exchange reserves have surpassed $700 billion. Modi reiterated that reforms remain a priority for the government, mentioning initiatives such as the Goods and Services Tax (GST) and labour law simplifications.

Concluding his address, Modi stated that India’s reform agenda is driven by conviction rather than compulsion, declaring, “India’s reform express is moving ahead at high speed.” This commitment to reform, he asserted, is essential for the nation’s continued progress and development.

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