Modi Addresses Economic Times Forum

Summary of Prime Minister Narendra Modi's Address at the Economic Times World Leaders Forum

On August 23, 2025, Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum in New Delhi, emphasizing India's robust economic growth and reforms, while underlining the nation's aspirations to enhance its global standing. The key aspects of his address included:

Economic Growth and Stability

• India is the fastest-growing major economy globally, poised to become the third-largest economy soon.
• India's growth is supported by fiscal stability with estimates of a 4.4% fiscal deficit amidst challenges such as the COVID-19 pandemic.
• Indian companies are successfully raising substantial funds through capital markets, with banks experiencing improved strength and low inflation.
• The current account deficit is managed effectively, and foreign exchange reserves are reported as robust.

Job Creation and Labor Market Indicators

• Approximately 22 lakh formal jobs were added in June 2025, marking the highest monthly job creation ever recorded in India.
• Retail inflation has dipped to its lowest level since 2017.

Key Reforms

• PM Modi announced a significant reform in the Goods and Services Tax (GST) framework, aimed to simplify processes and reduce prices, expected to complete by Diwali 2025.
• The Jan Vishwas 2.0 initiative decriminalized over 300 minor offences, indicating a shift towards trust-based governance.
• Reforms in the Income Tax system have been instituted, simplifying the language and accessibility of laws.
• Broad reforms have also been introduced in sectors such as mining, sports, and shipping, revamping legislation rooted in colonial governance.

Innovation and Technology

• The Prime Minister stated that India has developed its own 5G technology and plans to advance to 6G, marking a shift toward self-reliance in technology.
• India's semiconductor manufacturing initiative is set to yield its first domestic chip by the end of 2025.
• Progress in the space sector was highlighted, with over 60 missions conducted in the last eleven years and the establishment of a Venture Capital Fund of ₹1,000 crores for space start-ups.

Vision for the Future

• PM Modi emphasized the pursuit of a self-reliant India (Aatmanirbhar Bharat), aiming for a developed nation status by 2047. The Viksit Bharat initiative will focus on speed, scale, and scope.
• The Prime Minister reiterated India's goal to generate 50% of its total power capacity from non-fossil fuels by 2030, having met this target five years ahead of schedule by achieving it in 2025.
• India aims to enhance its export capabilities, with agricultural exports reaching ₹4 lakh crore and electronic exports climbing to approximately ₹3.25 lakh crore.

Investment in Research and Development

• The budget for research has doubled since 2014, with patents filed increasing by 17 times since that year.
• A National Research Foundation budget of ₹50,000 crore has been established, alongside the Research Development and Innovation Scheme valued at ₹1 lakh crore.

Leadership and Global Position

• The Prime Minister remarked India's ability to navigate global economic challenges and to assist in overcoming slow growth worldwide, referencing a common idiom about "Missing the Bus" to express past missed opportunities due to indecisiveness in previous governments.
• He reiterated India's potential to redefine global narratives and economic paths, stating, "Bharat carries the strength to even bend the course of time."

Concluding Remarks

Prime Minister Modi's address stressed a commitment to reform, performance, and transformation, proactive governance, and universal access to research and knowledge, positioning India as a crucial player on the global economic stage.

Key Points from the Address:

• India is set to become the world’s third-largest economy.
• 22 lakh jobs created in one month—highest ever.
• Major GST reform to be completed by Diwali 2025.
• Investment in semiconductors and 5G technology domestically.
• Commitment to achieving 50% renewable energy capacity by 2030.
• National Research Foundation with a budget of ₹50,000 crore established.
• Aiming for a developed India by 2047 with self-reliant initiatives.

This summary encapsulates PM Modi's vision for India's future as articulated at the Economic Times World Leaders Forum.