New Delhi, February 15 Prime Minister Narendra Modi on Sunday hailed the latest budget and a series of global trade deals signed by his government as the foundation for "Developed India," and urged the private sector to "take more aggressive and bold steps" now.
In an extensive interview with PTI, Modi criticized the previous UPA government for failing to achieve substantial trade agreements, and asserted that women will play the "most important role" in "Developed India."
He stated that political stability and predictability have restored investor confidence in India, and that stronger manufacturing, services, and MSMEs have enabled it to negotiate free trade agreements with 38 countries from a "strong position."
He listed three key priorities for the next three decades: further structural reforms, deeper innovation in technology, manufacturing, and services, and simpler governance to enable citizens and businesses to operate with greater ease and trust.
When asked if he was satisfied with the progress made by India's "Reform Express," he said, "I must say that, by nature, I am never fully satisfied..."
"I believe that public life demands certain constructive restlessness. At the same time, it is important to acknowledge the scale of progress achieved in the journey of the 'Reform Express.'"
He was asked if India was ready to take the "leap" for "Developed India," and if this was a situation where immediate action was necessary.
"First of all, I would respectfully say that none of our budgets have been created with the intention of creating a routine budget..." If one looks closely at my approach over the last 25 years, it becomes clear that our work does not happen in bits and pieces."
The Prime Minister stated that there is a broader strategy, a plan of action, and effective implementation that reflects the "whole of the nation" thinking, continuity of purpose, and a long-term vision, progressively unfolding step by step, year after year.
"So, this is not a 'now or never' moment born out of compulsion. It is a 'we are ready' moment born out of preparation and inspiration. This (2026-27) budget reflects this yearning to become a developed nation."
In the written interview, Modi also said that his government has used its years in office to "fill the structural gaps left behind by earlier administrations," pursued bold reforms, and laid the foundations for a developed India.
India has quickly concluded landmark trade deals with the European Union and the United Kingdom, securing significant tariff reductions and expanded market access for goods and services, while also reaching an understanding with the United States to ease tariff friction and deepen trade engagement. Together, these moves are seen as significantly improving access for Indian exporters in advanced markets and reinforcing New Delhi's push to integrate more closely with global supply chains.
"We now have FTAs with 38 partner nations, which is an unprecedented milestone in India's trade history. A remarkable feature of these trade agreements is that they span continents and include countries of varying economic strength," Modi said.
"There is a new confidence in our nation. Our national character has revealed itself even in times of different kinds of challenges, and we are a bright spot of growth even in difficult global circumstances."
Calling productive spending a hallmark of his government, Modi said that the Union Budget deliberately avoided short-term populism and instead channeled record capital outlays into infrastructure to drive jobs and sustainable growth.
"Taken together, Budget 2026 is all about strengthening the manufacturing ecosystem, expanding value addition, and creating conditions for skill and scale to come together. The end result will be 'Aatmanirbharta' (self-reliance) and massive job creation."
Modi said the next leap toward "Developed India" by 2047 will depend on how boldly Indian enterprises invest in innovation, build long-term capacity, and position themselves as a globally competitive, technologically confident, and socially responsible engine of growth.
The Prime Minister urged the dynamic private corporate sector to invest "more aggressively" in research and development, adopt frontier technologies, deepen supply-chain capabilities, and compete on quality and productivity rather than on protected margins.
"Policy can only create the enabling framework. The next phase of transformation requires a decisive response from the private sector. Incentives and tariff preferences can catalyze growth, but durable competitiveness must rest on innovation, efficiency, and scale."
"Equally, as productivity rises, the gains must be shared fairly between workers, shareholders, and owner-managers. Sustainable growth requires social legitimacy. Rising real wages, skill upgrading, and stable employment reinforce domestic demand and social cohesion, which, in turn, support long-term investment."
Regarding the increase in the defense budget and military modernization, Modi said the benefits of a decade of defense reforms were evident during "Operation Sindoor," and asserted that India has to be prepared at all times to deal with security challenges.
Leveraging fresh budget incentives to turbocharge investments in data centers, Modi also pitched India as a global hub for digital infrastructure and artificial intelligence, saying that the country is ready to host the world's data and lead the next wave of the technology revolution.
His pitch came a day before India hosts the global assembly of tech tycoons, AI business leaders, policymakers, investors, and innovators.
The Global AI Impact Summit from February 16 to 20 will see a host of heads of state and government, including France's Emmanuel Macron and Brazil's Luiz Inácio Lula da Silva, along with representatives of more than 60 other countries, convene in New Delhi.