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ET Now Global Business Summit 2026: 'Reforms push with conviction, not out of compulsion,' says PM Modi
Prime Minister Narendra Modi highlighted his government's commitment to reforms for Viksit Bharat. He contrasted these with past crisis-driven changes. India is now a fast-growing economy, moving towards becoming the third largest. The Prime Minister emphasized a conviction-based approach to policy and delivery, aiming for unprecedented development and strengthening democracy.
Prime Minister Narendra Modi said his government is riding the Reform Express toward Viksit Bharat not out of compulsion, but with conviction and commitment. The government hasn't just confined itself to big-ticket announcements in the budget but also ushered in “off-budget” reforms, such as goods and services tax (GST) rationalisation, new labour codes, the updated rural jobs programme, legislation on nuclear energy, as well as a number of trade accords.
Several unforeseen challenges had cropped up in the past few years, such as the pandemic and disruption in supply chains due to the Russia-Ukraine war, the PM said in his address to captains of industry and achievers from different fields, at the ET Now Global Business Summit on Friday.
“At the start of the last decade, India was the 11th-largest economy and there were apprehensions that it can slide down further,” he said. “But today, India is moving at a fast pace towards becoming the third-largest economy.” India will be the base of the “century of change” by becoming an engine of growth.
The Prime Minister said seven decades after World War II, a new world order is taking shape, with the previous model being challenged and losing relevance. India, which had made these changes a part of its policy in 2015 itself, when the Niti Aayog was established, will not import any growth model from any other country.
“Amid numerous disruptions, this decade has been one of unprecedented development for India, marked by strong delivery and by efforts that have strengthened our democracy,” he said. “In this decade of the 21st century, India is riding the Reform Express, not out of compulsion but (with) conviction, and accelerating it with commitment to reform.”
Comparing his government's reforms with those in 1991, Modi said the earlier policy changes were adopted when there was a crisis and there was no other way out. The 1991 reforms took place under the threat of bankruptcy, he said.
Similarly, the National Investigation Agency (NIA) was formed after the 26/11 terror attack in Mumbai and power sector reforms were undertaken after grid failure.
“There is a long list that reminds us that when reforms are taken under compulsion, the country does not get the expected results,” he said. “I can say with pride that in 11 years, we have undertaken reforms with full conviction in policy, process, delivery, and even in mindset.”
He listed delays and bottlenecks in decision-making under previous regimes. Earlier, cabinet notes would be drafted over months, but this has been changed into a time-bound and technology-driven process where files have to be cleared within a set timeframe.
The Prime Minister also highlighted the new approach in budget making. “Earlier, there used to be discussion only on income tax slabs, increase or decrease in prices,” he said. “We made the budget outcome-centric, along with outlay-centric.”
Tech, innovation growth drivers
Hitting out at his political opponents and critics, Modi emphasised that another big change is that his government has undertaken off-budget reforms as well, unlike the governments before his.“Before 2014, there used to be a lot of discussion on off-budget borrowing. But now, off-budget reforms are discussed,” Modi said.
“After the budget, new-generation GST reforms were undertaken, Niti Aayog was formed in place of the Planning Commission, the wall of Article 370 was demolished, law was made against ‘triple talaq,' Nari Shakit Vandan Adhiniyam was passed. Whether it is in the budget or outside it, Reform Express is constantly picking up speed,” said the Prime Minister.
The past year saw reforms in ports and shipping, along with approval for the Jan Vishwas Bill. The Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill was passed, new labour codes were issued, and the Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill was approved.
There is a greater thrust on capital expenditure and technology in this year's budget, the Prime Minister said, with Rs 70 lakh crore more in spending infused into the economy.
“You know capex has a multiplier effect — it leads to job creation,” he said, citing plans to set up five university townships and seven new high-speed railway corridors, among other measures. “Over the past decade, we have regarded technology and innovation as the core drivers of growth. With this thought, startup and hackathon cultures are being promoted.”
Relations with the world
On the trade pacts signed by India, the Prime Minister said, “Today, we are entering into trade deals with the world because today's India is filled with confidence and is ready to compete globally.”He said few trade agreements had been signed before 2014, when the first Modi government was formed, though the country had the same talent pool and resources. “There has been a change in the vision of the government,” he said. “When India was among the Fragile Five, who would do a deal with it?”
The trade accords signed in recent months cover 38 countries from different parts of the world.
He asserted that the world trusts India and that there has been a paradigm shift in this respect.
Modi attacked the opposition for questioning his Viksit Bharat 2047 target. Citing the example of freedom fighters who made sacrifices and faced the onslaught of the British, he said they struggled not knowing when India would become free. “We have to make sacrifices in the present for the sake of the future,” he said. “I am sowing the seeds today so that future generations get the fruits… We will continue to work for the future.”
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Source: EconomicTimes
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