Modi cites 7.8 per cent expansion, says India’s growth is built on reforms

Prime Minister Narendra Modi on Tuesday said India’s economic growth was backed by strong fundamentals and sustained reforms, adding that the country wanted to expand its global economic role through shared prosperity rather than at the expense of other nations.

“We do not grow at anyone’s cost. We grow with the world. And for the world,” Modi said while addressing the Bloomberg Economic Forum. He described India as a reliable economic partner amid geopolitical tensions, trade disruptions and growing competition over critical technologies and resources.

Modi cited economic growth of 7.8 per cent in the April-June quarter, foreign-exchange reserves exceeding USD 700 billion and reforms covering taxation, insolvency and labour laws as signs of the country’s resilience.

“In this world full of uncertainties, India inspires reliability and stability,” he said.

“This year, in the April to June quarter, India’s economic growth was 7.8 per cent. And this growth is taking place on a strong foundation,” he said.

He pointed to improvements in India’s macroeconomic fundamentals, including a reduction in the current account deficit from over 4 per cent 12-13 years back to about half a per cent now.

Modi said economic and technological strength should be measured by how effectively countries use their capabilities to create opportunities for others.

“The real question is not who has the power. The real question is, how is this power being used?” he said, describing his approach as “power to empower”.

“For us, reforms are not a compulsion. Reforms are our conviction,” he said, highlighting the government’s continued focus on economic reforms.

The prime minister also pointed to India’s digital public infrastructure, expanding startup ecosystem and growing clean-energy capacity as examples of how domestic capabilities could support inclusive growth. He said technology and innovation should benefit people across income groups and geographical areas.

India is sharing its experience in digital identity, payments and public infrastructure with partner countries, particularly in the Global South, Modi said.

He cited India’s supply of COVID-19 vaccines to more than 100 countries as an example of using domestic capabilities to address global needs.

“Power is to empower,” he said, arguing that economic and technological strength should help improve lives, expand opportunities and enable countries to address shared challenges.

Modi warned that supply chains, energy, critical minerals, payment systems and technology were increasingly becoming instruments of geopolitical pressure.

“They are all becoming tools for coercion and for exerting pressure,” he said.

He called for greater international cooperation on climate change, public health, artificial intelligence and economic security.

The remarks come as India seeks to attract investment, expand its role in global supply chains and strengthen economic partnerships with emerging markets. The country is also looking to consolidate its position as a major growth engine and an alternative manufacturing and technology hub amid an increasingly fragmented global economy.