Bloomberg New Economy Forum: India’s Banking System in Its Strongest Position, Says PM Modi

India Made Mobile Data Affordable

“Until about twelve or thirteen years ago, there was a time in India when access to mobile phones and the internet itself was a form of power. Whoever had access also had information, knowledge, and opportunities. After 2014, when a new government came to power in India and we were given the opportunity to serve, India placed great emphasis on making mobile data affordable. As a result, today a student in a small town can access digital learning. A small shopkeeper in a village can reach new customers. A young person can enroll in online courses. In other words, connectivity in India has not merely connected people; it has connected opportunities as well. This, indeed, is Power to Empower,” Modi said, highlighting affordable mobile data in India.

Experience India’s Digital Payments Ecosystem

Highlighting the digital payments ecosystem, Modi said: “To those guests who have come from abroad, I would encourage you to experience India’s digital payments ecosystem. In our country, a street vendor and a large car showroom may operate at completely different scales, but both use the same digital payments ecosystem. This is the strength of inclusive technology.”

India Sharing Experience in Digital Public Infrastructure with Nations

“Whatever capabilities India possesses, we do not believe in keeping them confined within our own borders. We continuously share them with the Global South and with our partner countries. We are sharing our experience in Digital Public Infrastructure with other nations so that they can develop digital systems according to their own needs,” Modi said, highlighting India’s DPI.

India Open Sourced CoWIN platform

“During the COVID period, we also developed the CoWIN platform, which was open source. In other words, our constant effort has been to ensure that India’s capabilities open new doors of possibility for other countries as well. In other words, our strength should empower humanity.”

Power of Innovation and Indian Startup Ecosystem

“The power of innovation works in the same way. Transforming an idea into a product, and turning a problem into a solution, is in itself a tremendous capability. But when such opportunities reach a larger number of people in society, the balance of power becomes more equitable and its impact multiplies many times over.

India’s startup journey is an example of this transformation. Before 2014, India had only a few hundred startups. Today, the country has more than 250,000 startups. Nearly half of these startups come from small cities and towns. More than forty-five percent of startups have at least one woman Director or Partner.

“In other words, opportunities for innovation are reaching more people, new talent is emerging, and new solutions are being created,” Modi said, highliting India’s 2,50,000 startups.

India Lifted Millions Out of Poverty

On governance, the Prime Minister said technology-enabled direct benefit transfers had helped deliver government assistance directly into beneficiaries’ bank accounts, reducing corruption and improving convenience.

“India has lifted 250 million people out of poverty over the past decade, a number greater than the population of many countries in the world,” he said.

Direct Benefit Transfer Using Technology

“You may also have heard about the JAM Trinity and Direct Benefit Transfer. By using technology, we have created a system through which government assistance reaches beneficiaries directly in their bank accounts. This has reduced corruption, increased convenience for citizens, and established a direct pathway between the government and the people,” he said.

AI Benefits for Animals

Turning to AI, Modi said: “Let me give you another interesting example. A few months ago, India hosted the AI Impact Summit, and Mr. Bloomberg has just spoken very highly of that summit. There, we discussed not only the use of AI for humanity, but also how animals could benefit from AI. Nandan, who is seated here, can later share much more information about how this was done. In other words, the more capable and stronger India becomes, the more beneficial it will be for humanity and for the world.”

India’s Commitment to Paris Agreement

Turning to climate change, Modi said: “Let me give you another example. Under the Paris Agreement, India made a major commitment to address climate change. In 2015, we set ourselves the target of achieving 40 percent of our installed electricity capacity from non-fossil fuel sources by 2030. India achieved this milestone in November 2021 itself, nine years ahead of schedule. India became the first G20 nation to do so. This was not merely about fulfilling a commitment; it was also a reflection of India’s evolving energy journey.”

Renewable Energy Capacity

“In 2014, India’s renewable energy capacity stood at about 75 gigawatts. Today, it has reached approximately 300 gigawatts. In other words, we have added nearly four times more capacity.”

Twenty-first Century and Global Challenges

“This decade of the twenty-first century has brought unprecedented global challenges. If we look back at the last six years, we witnessed a global pandemic. Then wars broke out in different regions. As if that were not enough, disruptions emerged in trade, critical minerals, and energy supplies. The world begins to find a way out of one crisis when another crisis appears. Things that once connected the world are now being turned into weapons. Supply chains, energy, minerals, payment systems, and technology are increasingly becoming instruments of pressure and dominance. The routes created by globalization over past decades have, in many cases, become chokepoints,” he said.

India and Trust

“Amid all this, Artificial Intelligence is transforming the way every sector functions. At the same time, many countries are facing rapidly growing challenges related to ageing populations. In such circumstances, the world is confronted with a fundamental question: trust. Trust that supplies will continue during times of need. Trust that promises made will also be fulfilled. Trust that a partner country will stand by you during moments of crisis. And it is here that India stands before you with a different outlook and a different way of thinking.”

India’s Skilled Youth and GCCs

“India’s progress in the twenty-first century is a story of advancing together with everyone and carrying everyone along. When the world needs affordable medicines, one out of every five generic medicines comes from India. When solutions for digital identity and payments are required, the world looks to models developed in India. When the world needs talent, it places its trust in India’s skilled youth. Today, India is home to more than 2,000 Global Capability Centres that are providing services to companies across the world,” he said, explaining India’s progress in the twenty-first century and the world’s trust in its skilled youth.

India Grows with the World, for the World

“It is clear that whenever the world needs a steady pillar, India extends its hand in support, recognizing its responsibility. We do not grow at anyone’s cost. We grow with the world, and for the world,” he said.

India Never Asked for Royalties for Zero

“India does not seek credit for what it does. The world proudly says that India gave Zero to the world. This Zero benefited all of humanity. Yet India never asked for royalties in return. Even today, India works with the same spirit. The ideas we offer for addressing contemporary challenges also reflect this outlook. Throughout history, many global organizations have been created, each serving its own interests. But consider the kind of global platforms India has created. Consider the institutions we have established and compare them with what has emerged elsewhere in the world. What have we contributed? The International Solar Alliance. What have we contributed? The Coalition for Disaster Resilient Infrastructure. What have we contributed? The Big Cat Alliance, the Global Biofuel Alliance, the India-Middle East-Europe Economic Corridor (IMEC), and Mission LiFE, Lifestyle for Environment. These are initiatives that benefit everyone and contribute to the well-being of all life,” Modi said, referring to India’s contribution of zero and its global initiatives.

India’s Banking System in Its Strongest Position

“In a world filled with uncertainty, India offers the assurance of reliability and stability. In the April-June quarter of this year, India’s growth rate stood at 7.8 percent. And this growth rests on a strong foundation. Twelve to thirteen years ago, India’s current account deficit was more than four percent of GDP. Last year, it declined to approximately half a percent, standing at 0.61 percent. Today, our foreign exchange reserves exceed 700 billion dollars. Our banking system is in its strongest position in many decades,” Modi said, highlighting India’s banking system and growth rate.

Also Read: NPAs Are at the Lowest Ever Indian Banking Has Seen: Finance Minister Nirmala Sitharaman

India’s Sovereign Ratings Upgraded

“It is because of this strength that India’s sovereign ratings are being upgraded. Today, India’s confidence is at an unprecedented high. We are pursuing reforms with a clear policy direction. Through GST, we transformed a complex web of taxes into a national market. We enacted the Insolvency Law. Twenty-nine labour laws have now been consolidated into four simple labour codes. Hundreds of minor business-related offences have been decriminalized. And we have not stopped there. India’s reform express continues to move ahead at high speed. For us, reforms are not a compulsion. Reforms are our conviction,” he said.

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