PM Modi asserted that India contributes 16% to global growth and is on track to become the world’s third-largest economy. He emphasised the government’s commitment to reforms and the importance of recent trade agreements in boosting India’s global competitiveness.
(DPR PMO )
Prime Minister Narendra Modi said on Friday, 13 February, that India contributes around16% to global growth today and expressed confidence that the country will become a new engine of the world economy.
In this decade of the 21st century, India is riding the ‘Reform Express’, and its biggest feature is that “we are accelerating it not out of compulsion, but with conviction and reform commitment,” PM Modi was quoted as saying while addressing at the ET Now Global Business Summit 2026.
“India accounts for 16% of global growth, and I am confident that our contribution will continue to increase in the future. India is poised to drive the world’s economic growth and emerge as a new engine of global growth,” PTI quoted him.
In his address, the Prime Minister discussed several themes, including India’s efforts to become the world’s third-largest economy.
On the Indian economy
Noting that at the beginning of the last decade, India was the 11th largest economy, he said, “amid so much upheaval, there was apprehension that India would slip even further down. But today, India is rapidly moving forward and heading towards becoming the world’s third largest economy”.
Recent trade agreements
PM Modi also mentioned that numerous free trade agreements are now being signed.
“Have you ever wondered why this wasn’t the case before 2014, even though the country and its circumstances largely remained the same? The key difference lies in the government’s vision, as well as changes in its intentions and policies,” he said.
Previously, PM Modi said when India was considered part of the ‘Fragile Five’, “the prevailing environment of policy paralysis, frequent scams, and widespread corruption discouraged other nations from entering into agreements with us”.
“Back then, who would have had confidence in India?”
The Prime Minister said India is making trade deals with the world because the country is filled with confidence and is ready to compete with the world.
“Today, we are entering into trade deals with the world because today’s India is confident and ready to compete globally,” he said.
Union Budget
Regarding the Union Budget presented in Parliament on February 1, PM Modi said that it has pushed the Reform Express forward.
He mentioned that the capital expenditure (capex) has been increased to about ₹17 lakh crore, which will have a significant multiplier effect on the country’s capacity and productivity, and will also create employment across various sectors.
Taking a dig at previous governments, PM Modi mentioned that previously, budget discussions primarily centered on outlays such as the amount of money allocated, and what items became cheaper or more expensive. Few people inquired about the outcomes or progress of the schemes afterwards.
“We have made the Budget outcome-centric along with outlay,” Modi added.
Covid-19 pandemic
Speaking about the pandemic and supply chain disruptions, Modi stated that a country’s true potential is revealed during challenging times.
“I am proud that, despite numerous disruptions, this decade has been marked by unprecedented development, remarkable delivery, and strengthening of our democracy,” he said.
