Prime Minister Narendra Modi stated that despite numerous challenges, this decade has been one of unprecedented development for India, characterized by strong execution and efforts that have strengthened democracy. Speaking at the ET Now Global Business Summit in New Delhi last evening, he said, "The world has experienced global pandemics, tensions worldwide, wars, and supply chain disruptions – all in just one decade." Mr. Modi expressed pride that, despite many setbacks, this decade has been marked by development, excellent execution, and the strengthening of India's democracy.
The Prime Minister said that in this decade of the 21st century, India is moving forward on the "Reform Express." He noted that when the previous decade began, India was the 11th largest economy, but today, the country is rapidly progressing and is on track to become the world's third largest economy. Mr. Modi stated that the government has made the budget not only focused on spending but also on outcomes. He cited reforms outside the budget, such as the next-generation GST, the creation of the NITI Aayog in place of the Planning Commission, the abrogation of Article 370, the law against Triple Talaq, and the enactment of the Nari Shakti Vandan Adhiniyam.
The Prime Minister pointed out that in just the past year, reforms were implemented in the ports and maritime sector, initiatives were taken for the shipbuilding industry, reforms were advanced under the Jan Vishwas Act, the SHANTI Act was introduced for energy security, labor law reforms were implemented, the Bharatiya Nyaya Sanhita was enacted, reforms were made in the Waqf Act, and a new Viksit Bharat G RAM G bill was enacted to generate rural employment.
The Prime Minister stated that over the past decade, the government has considered technology and innovation as the core drivers of growth. Mr. Modi said that today, India is entering into trade deals with the world because today's India is confident and ready to compete globally. He emphasized that one reform that has had a global impact is UPI, India's digital payment system, which is not just an app, but a demonstration of the convergence of policy, process, and execution.
The Prime Minister further emphasized that Digital India, the digital payment system, and the Jan Dhan-Aadhaar-Mobile trinity were not born out of compulsion, but out of conviction, driven by the vision of including citizens who were previously excluded. The Prime Minister remarked that the world must now be prepared to deal with disruptions, noting that their nature will continue to evolve, but systems will change rapidly. He highlighted the disruptions already visible due to artificial intelligence and emphasized that AI will bring even more revolutionary changes in the future, for which India is ready.
