New Delhi:13/10/26:Prime Minister Shri Narendra Modi today addressed the Bloomberg New Economy Forum in New Delhi. Acknowledging Mr. Michael Bloomberg’s earlier remarks, the Prime Minister celebrated the forum's unprecedented debut in India. He praised the platform's ability to unite the world’s brightest minds to deliberate on key global themes, including the economy, technology, energy, and international affairs. "I congratulate Mr. Bloomberg and his entire team; you have chosen the right place at the right time,” remarked Shri Modi.
Addressing the summit's core focus on emerging global powers, the Prime Minister highlighted a monumental paradigm shift in the 21st century's third decade, where technology, data, knowledge, and innovation have become the ultimate metrics of power. He challenged the audience to reconsider the fundamental purpose of this power, questioning whether it should elevate a select few or actively democratize opportunities for millions, emphasizing a shift from controlling to enabling and from competing to collaborating. '“Moving beyond the power to succeed to the power to help others succeed, the vision with which I have come here today is Power to Empower,” asserted Shri Modi.
Grounding this philosophy in ancient cultural wisdom, the Prime Minister quoted traditional Sanskrit texts emphasizing that the true value of knowledge, wealth, and power is determined entirely by how ethically they are utilized. He stressed that understanding this profound purpose of power is absolutely essential for navigating today’s complex global dynamics. "Meaning, the true value of Power lies in its Purpose,” affirmed Shri Modi.
Translating these ancient ideals into modern administration, the Prime Minister stated that the concept of 'Power to Empower' is not a mere global sermon but a deeply ingrained cultural tradition actively applied to the nation’s governance and work culture. He announced his intention to illustrate this transformative philosophy using concrete examples of the nation's progress. "Therefore, I will take my point forward using examples from India itself,” noted Shri Modi.
Showcasing the vibrant dynamism of the 'Mother of Democracy', the Prime Minister proudly listed the nation's massive linguistic diversity, its 80,000 publications, and over a thousand television channels. He emphasized that in the modern social media era, the nation's half-a-billion YouTube and Instagram users engage in robust, open debates, proving that digital power is actively fueling democratic discourse. "In present times, what has played a major role in this is digital power,” observed Shri Modi.
Recounting the aggressive battle against digital exclusion, the Prime Minister noted that just over a decade ago, mere access to mobile phones and the internet was considered an elite privilege. He explained that since 2014, the government deliberately slashed data prices down to ensure that everyone from small-town students to village shopkeepers could instantly access knowledge and markets. "Meaning, Connectivity in India has not just connected people; it has also connected opportunities,” asserted Shri Modi.
Detailing the systemic eradication of corruption, the Prime Minister highlighted the deployment of the JAM Trinity and Direct Benefit Transfer systems to deliver government assistance directly into citizens' bank accounts. "This has reduced corruption, increased the convenience of the country's citizens, and established a direct relationship between Government and Citizen,” observed Shri Modi.
Illustrating this empowerment philosophy on the global stage, the Prime Minister recalled the critical vaccine shortages during the COVID-19 pandemic and questioned whether life-saving manufacturing power should have been hoarded by a few nations. He expressed immense pride that the nation chose a humanitarian path by supplying vaccines to over 100 countries. "Our Manufacturing Capability became a medium of assistance for other countries as well,” asserted Shri Modi.
Presenting a unique example of inclusive foresight, the Prime Minister mentioned a recent domestic AI Impact summit that expanded the dialogue beyond human applications to actively discuss how artificial intelligence could benefit animal welfare. He used this anecdote to prove that an increasingly capable nation will continually generate broader benefits for the entire world. "The more capable India becomes, the more beneficial it will be for humanity, for the world,” affirmed Shri Modi.
Calling for a balanced global order, the Prime Minister argued that while competition, innovation, and national strength are vital, they must be fundamentally paired with compassion and a commitment to solving global challenges like climate change, water governance, and the responsible use of emerging technologies. He insisted that the world desperately needs powers that actively create new, shared opportunities. "Power is not just the ability to move ahead; it is also the ability to empower others to move ahead,” asserted Shri Modi.
Demonstrating the nation's fierce commitment to climate action, the Prime Minister recalled the bold 2015 Paris Agreement pledge to achieve 40 percent installed electricity capacity from non-fossil sources by 2030. He proudly announced that the nation surpassed this target in November 2021, nine years ahead of schedule, becoming the very first G20 country to do so. "This was not just about fulfilling a commitment; it was also a sign of India's changing Energy Journey,” noted Shri Modi.
Summarizing the overarching philosophical framework driving the nation's foreign policy, the Prime Minister invoked the visions of 'One Sun, One World, One Grid', 'One Earth, One Family, One Future', and 'One Earth, One Health'. He emphasized that the country exclusively utilizes its power to connect, unite, and elevate others. "And even in this, the use of Power is only to Empower others,” affirmed Shri Modi.
Showcasing the nation's macroeconomic resilience amidst global uncertainty, the Prime Minister proudly cited a 7.8 percent growth rate for the April-June quarter, a current account deficit slashed to a mere 0.61 percent, and foreign exchange reserves exceeding 700 billion dollars. He declared that the domestic banking system is currently enjoying its strongest position in decades. "In a world full of uncertainties, India offers reliability and stability,” asserted Shri Modi.
Attributing recent sovereign rating upgrades to this immense structural strength, the Prime Minister highlighted the relentless execution of systemic reforms, including the implementation of GST to create a unified national market, the drafting of Insolvency Laws, the consolidation of 29 labor codes into four, and the decriminalization of hundreds of minor business offenses. He assured global investors that this unstoppable momentum is a deliberate, proactive choice driving the nation forward. “For us, reforms are not a compulsion. They are a conviction,” affirmed Shri Modi.
Concluding his address by invoking the ancient Vedic mantra, the Prime Minister called upon the global community to walk, speak, and understand one another together to multiply collective strength and solve major global challenges. He expressed profound confidence that the Bloomberg New Economy Forum would serve as a massive platform to propagate this exact spirit of creating shared global opportunities.