India Seen as 'Bright Spot of Growth' on Political Stability, Reforms: PM Modi at ET Forum

Prime Minister Narendra Modi on Friday said that India's political stability and policy continuity have made the world view the country as a "bright spot of growth and hope." Speaking at the Economic Times World Leaders Forum in New Delhi, he asserted that his government is committed to reforms across all sectors to sustain growth momentum.

"India continues to take several steps to ensure continued growth momentum. India is pushing ahead with reforms across sectors and reforms are our commitment," Modi said.

The Prime Minister noted that while many parts of the world are concerned about growth due to geopolitical tensions and the weaponisation of resources, India is being seen favourably. He attributed this to the NDA government's clear roadmap for reforms, with a strong focus on governance.

Modi also criticised the economic management of earlier governments. "It was the policy of the previous regimes to keep people in scarcity, so that they beg before the government for even basic needs," he alleged. He said the licence raj of previous governments added to the burden of unemployment, whereas his government's production-linked incentive (PLI) model is creating opportunities.

"We are not just changing regulations, we are changing the entire policy of regulations. Our government believes that there should be no regulation for doing something that has not been explicitly prohibited under law," Modi said. He described the shift as moving from a "prohibited-unless-permitted" approach to a "permitted-unless-prohibited" model.

The Prime Minister highlighted what he called next-generation reforms at the policy level, along with governance reforms aimed at ease of living. He said his government is bringing reforms at the governance level and for ease of living, and that it is rewarding higher production with incentives.

Modi contrasted the current PLI framework with what he called the "Production Linked Punishment" (PLP) model of previous governments. He cited examples from Indian Railways, the Delhi Metro, and the Namo Rapid Rail as evidence that the country is changing with times.

On regulatory changes, he said that earlier, no one could make India's map without permission even though foreign satellites could map the country, but his government has changed this system. He also said the government has decided that border infrastructure is India's strength, not weakness. "We have changed the picture of our border infrastructure," he said.

The Prime Minister also pointed to technological achievements, saying the world's cheapest data is available in India and the country is making the cheapest and best mobile phones.

Modi's remarks come at a time when the government is emphasising its economic record ahead of national elections. The opposition has often criticised the government's handling of inflation and unemployment. The Prime Minister's address focused on the administration's vision for sustained growth and its efforts to simplify regulations.