PMINDIA

Today, be it major nations or global platforms, the confidence in India is stronger than ever: PM

The speed of development of a Viksit Bharat is remarkable: PM

Many aspirational districts have now transformed into inspirational districts of the nation: PM

Banking the unbanked, Securing the unsecured and Funding the unfunded has been our strategy: PM

We have transformed the fear of business into the ease of doing business: PM

India missed the first three industrial revolutions but is ready to move forward with the world in the fourth: PM

In India’s journey towards becoming a Viksit Bharat, our government sees the private sector as a key partner: PM

25 crore Indians have risen out of poverty in just 10 years: PM

The Prime Minister Shri Narendra Modi addressing the gathering at the ET Now Global Business Summit 2025 in New Delhi today, recounted that in the last edition of ET Now Summit, he had humbly stated that India would work at a new speed in their third term. He expressed satisfaction that this speed is now evident and receiving support from the country. He thanked the people of Odisha, Maharashtra, Haryana and New Delhi for showing immense support for the commitment to Viskit Bharat. He acknowledged this as a recognition of how the citizens of the country are shoulder-to-shoulder in the pursuit of the goal of a developed India.

“Today, be it major nations or global platforms, the confidence in India is stronger than ever”, exclaimed Shri Modi, who returned yesterday from his visit to France and the USA. He added that the sentiment was reflected in the AI Action Summit in Paris as well. The Prime Minister remarked, “Today, India is at the center of the Global Future Discussions and also leading in some as well”. He added that this was a consequence of a new revolution of reforms in India since 2014. Shri Modi highlighted that India entered in the top 5 largest economies in the world in just the last decade, denoting the speed of development of Viksit Bharat. He added that people would soon witness India becoming the 3rd largest economy in the world in a few years. He emphasized that this was the necessary pace for a young country like India and stressed that India was moving ahead with this very speed.

Prime Minister remarked that previous dispensations avoided reforms, with a mindset of not wanting to undertake hard work. He added that today the reforms being undertaken in India was with full conviction. He highlighted that there was rarely any discussion about how major reforms could bring significant changes to the country. He pointed out that living under the burden of colonialism had become a habit in India. Even after independence, remnants of the British era continued to be carried forward. He cited an instance where phrases like ‘justice delayed is justice denied’ were heard for a long time, but no concrete steps were taken to address this issue. The Prime Minister highlighted that over time, people became so accustomed to these things that they didn’t even notice the need for change. He added that there was an ecosystem that doesn’t allow discussions about good things to take place and puts energy into preventing such discussions. Shri Modi emphasized that in a democracy, it is crucial to have discussions and debates about positive things. However, he added that a narrative has been created that saying something negative or spreading negativity is considered democratic, whereas if positive things are discussed, democracy is labeled as weak. He stressed that it was essential to come out of this mentality.

Highlighting that until recently, the penal codes in India dated back to 1860 which aimed at strengthening colonial rule and punishing Indian citizens, Shri Modi noted that a system rooted in punishment could not deliver justice, leading to prolonged delays. He remarked that since the implementation of the new Indian Judicial Code 7-8 months ago, noticeable changes have occurred. For example, a triple murder case was resolved in just 14 days from FIR to sentencing, resulting in life imprisonment. Similarly, a case of a minor’s murder was concluded within 20 days. The Prime Minister pointed out that in Gujarat, a gang rape case registered on October 9, 2024 saw a charge sheet filed by October 26, and today, the court has convicted the accused. He cited another example from Andhra Pradesh, wherein a crime involving a 5-month-old child, the court sentenced the perpetrator to 25 years, with digital evidence playing a crucial role. In another case, the e-prison module aided in locating a rape and murder suspect who had previously served time for a crime in another state, leading to a swift arrest. He said now there were numerous instances where people are now receiving timely justice.

Pointing to a major reform undertaken related to property rights, Shri Modi referred to a UN study indicating that the lack of property rights in a country is a significant challenge. He pointed out that millions worldwide lack legal property documents, and having property rights helps reduce poverty. He noted that previous governments were aware of these intricacies but avoided such challenging tasks. He emphasized that this approach doesn’t build or run a country. Shri Modi said the Swamitva Yojana was initiated, in which over 3 lakh villages in the country underwent drone surveys, and over 2.25 crore people received property cards. He remarked that due to the Swamitva Yojana, property worth ₹100 lakh crore has been unlocked in rural areas. This property existed earlier but couldn’t be utilized for economic development due to the lack of property rights, he added. Shri Modi highlighted that due to the absence of property rights, villagers couldn’t obtain loans from banks. He added that this issue has now been permanently resolved and today, there are numerous reports from across the country on how people benefit from Swamitva Yojana property cards. The Prime Minister shared a recent conversation with a woman from Rajasthan who received a property card under the scheme, and her family had been living in a small house for 20 years, and after receiving the property card, she secured a loan of around ₹8 lakh from a bank. With this money, she started a shop, and the income now supports her children’s higher education. Recounting another instance from another state, he said that a villager used his property card to obtain a loan of ₹4.5 lakh from a bank and bought a vehicle to start a transportation business. In another village, a farmer used a loan against his property card to set up modern irrigation facilities on his land. The Prime Minister highlighted many such examples where villages and the poor have found new income avenues due to these reforms. He termed these as real stories of reform, perform, and transform that don’t usually make headlines in newspapers and TV channels.

Remarking that after independence, numerous districts in the country were left untouched by development due to poor governance, Shri Modi said instead of focusing on these districts, they were labeled as backward and left to their fate. No one was willing to address their issues, and government officers were sent there as punishment postings, he noted. “We changed this approach by declaring over 100 districts as Aspirational Districts”, said the Prime Minister. He added that young officers were sent to these districts to improve governance at the micro-level, who worked on indicators where these districts lagged behind and implemented flagship government schemes in mission mode. “Today, many of these aspirational districts have become inspirational districts”, he said. Citing an instance, Shri Modi said that in 2018, only 26% of elementary schools in Barpeta, Assam, had the correct student-to-teacher ratio, which is now 100%, He added that in Begusarai, Bihar, the number of pregnant women receiving supplementary nutrition was 21%, and in Chandauli, UP, it was 14%, while today, both districts have achieved 100%. The Prime Minister also noted the remarkable improvement in child immunization campaigns. In Shravasti, UP, the percentage increased from 49% to 86%, while in Ramanathapuram, Tamil Nadu, it rose from 67% to 93%. He highlighted that seeing such successes, 500 blocks in the country have now been declared aspirational blocks, and rapid work is underway in these areas.

Acknowledging the decades of experience in business of the industry leaders at the summit, the Prime Minister recalled how the business environment in India used to be a part of their wish list and emphasized the progress made in the last 10 years. He highlighted that a decade ago, Indian banks were in crisis, and the banking system was fragile, with millions of Indians outside the banking system. “India was among the countries with the most challenging access to credit”, he added. “Government’s strategy to strengthen the banking sector: Banking the unbanked, Securing the unsecured, and Funding the unfunded”, outlined Shri Modi. He noted that financial inclusion has significantly improved, with nearly every village now having a bank branch or banking correspondent within a 5-kilometer radius. He cited the example of the Mudra Yojana, which has provided around ₹32 lakh crore to individuals who couldn’t obtain loans under the old banking system. He highlighted that loans for MSMEs have become much easier, and even street vendors have been linked to easy loans while the loans given to farmers have more than doubled. The Prime Minister remarked that while the Government is providing large numbers and amounts of loans, the banks’ profits are also increasing. He contrasted this with 10 years ago, when reports of record bank losses and editorials of newspapers expressing concern over NPAs were common. He added that today, from April to December, public sector banks have recorded a profit of over ₹1.25 lakh crore. Shri Modi emphasized that this isn’t just a change in headlines but a systemic change rooted in banking reforms, demonstrating the strengthening pillars of the economy.

“Over the past decade, our Government has transformed the ‘fear of business’ into ‘ease of doing business’, underscored the Prime Minister. He highlighted the benefits industries have gained from the establishment of a Single Large Market through GST. He emphasized that there has been unprecedented development in infrastructure over the past decade, leading to reduced logistics costs and increased efficiency. Shri Modi pointed out that the Government has eliminated hundreds of compliances and is now further reducing compliances through Jan Vishwas 2.0. To reduce Government interference in society, a Deregulation Commission is also being established, he added.

Highlighting that India is witnessing a significant transformation related to future preparedness, Shri Modi remarked that during the first Industrial Revolution, India was under the grip of colonial rule. He added that during the second Industrial Revolution, while new inventions and factories emerged worldwide, local industries in India were being destroyed, and raw materials were being taken out of the country. He pointed out that even after independence, conditions did not change much. When the world was moving towards the computer revolution, in India, one had to obtain a license to buy a computer, he noted. “Although India couldn’t benefit much from the first three Industrial Revolutions, the country is now ready to match steps with the world in the Fourth Industrial Revolution”, the Prime Minister emphasized.

“Our Government considers the private sector a crucial partner in the journey towards a Viksit Bharat”, exclaimed the Prime Minister. He noted that many new sectors have been opened up for the private sector, such as the space sector, where many young people and startups are making significant contributions. He highlighted that the drone sector, which was closed to the public until recently, now presents vast opportunities for the youth. The commercial coal mining sector has been opened to private firms, and auctions have been liberalized for private companies, he added. The Prime Minister remarked that the private sector plays a significant role in the country’s renewable energy achievements, and the Government is promoting private sector participation in the power distribution sector to enhance efficiency. He also underlined that a significant change in the recent budget is the opening of the nuclear sector for private participation.

Prime Minister remarked that today’s politics has become performance-oriented and the people of India have clearly stated that only those connected to the ground and delivering results will sustain. He emphasized that the Government must be sensitive to people’s problems and noted that previous policymakers lacked sensitivity and willpower. He added that their Government has understood people’s issues with sensitivity and taken necessary steps with passion and enthusiasm to resolve them. Shri Modi cited global studies showing that over the past decade, the provision of basic amenities and empowerment has helped 25 crore Indians rise out of poverty. He added that this large group has become part of the neo-middle class, now dreaming of their first two-wheeler, first car, and first home. He further added that to support the middle class, the recent budget increased the zero tax threshold from ₹7 lakh to ₹12 lakh, strengthening the entire middle class and boosting economic activity. “These achievements are possible due to a proactive and sensitive government”, exclaimed Shri Modi.

“The true foundation of a developed India is trust and this element is essential for every citizen, every government, and every business leader”, emphasised Shri Modi. He highlighted that the Government is working with full strength to instill confidence among the citizens. He added that Innovators were being provided with an environment where they can incubate their ideas, while businesses were assured of stable and supportive policies. The Prime Minister concluded by expressing hope that the ET Summit will further strengthen this trust.