Prime Minister Shri Narendra Modi addresses ET Now Global Business Summit 2026
Prime Minister Shri Narendra Modi addresses ET Now Global Business Summit 2026
Prime Minister Shri Narendra Modi addressed the ET Now Global Business Summit 2026 in New Delhi today. Speaking on the occasion, the Prime Minister extended greetings to all present at the Global Business Summit and remarked on the theme, – ‘A Decade of Disruption, A Century of Change’. He highlighted that the past decade of the 21st century has witnessed unprecedented disruptions, including the global pandemic, tension and wars in different regions, and supply chain breakdowns that shook global balance. He emphasized that crises reveal the true strength of a nation and expressed pride that despite these disruptions, India’s decade has been marked by remarkable development, outstanding delivery, and the strengthening of democracy. Shri Modi recalled that when the last decade began, India was the eleventh largest economy, and amidst turmoil there were fears of decline, but today India is rapidly advancing to become the world’s third largest economy. Underlining that India will be a major foundation for the Century of Change, Shri Modi noted that India currently contributes more than sixteen percent to global growth and expressed confidence that this contribution will continue to rise year after year. He affirmed that India will drive global growth and emerge as the new engine of the world economy.
The Prime Minister remarked that after the Second World War, a new global order had emerged, but seven decades later that arrangement is breaking down and the world is moving towards a new order. He questioned why this is happening and explained that the earlier system was built on a One Size Fits All approach. He noted that it was assumed the world economy would remain at the core, supply chains would stay strong and reliable, and nations would be seen only as contributors. He highlighted that this model has now been challenged and is losing relevance, with every country realizing it must build its own resilience.
Shri Modi emphasized that what the world is discussing today, India had already made part of its policy in 2015. He recalled that when NITI Aayog was established a decade ago, its founding document clearly set out India’s vision—that the country would not import a single development model from abroad but would pursue its own approach to development. He underlined that this policy gave India the confidence to take decisions according to its own requirements and interests. He stressed that this has been a major reason why, even in a decade of disruptions, India’s economy did not weaken but continued to grow stronger.
“In this decade of the 21st century, India is riding the Reform Express”, exclaimed the Prime Minister, stating that its greatest strength lies in the fact that reforms are being driven not by compulsion but by conviction and commitment. He highlighted that experts and economic leaders present have witnessed the pre-2014 era when reforms were undertaken only under crisis or compulsion. He recalled that the 1991 reforms came when the country faced bankruptcy and had to mortgage gold, and noted that earlier governments followed the same pattern—introducing reforms only when forced. Shri Modi further cited examples such as the formation of NIA after the 26/11 terror attack, reforms in the power sector only after grid failures, and the Food Security Act introduced when inflation soared and hunger spread in tribal areas, yet even then it was poorly implemented. The Prime Minister emphasized that reforms born out of compulsion never yield proper results for the nation. He expressed pride that in the past eleven years, reforms have been carried out with conviction, across policy, process, delivery, and even mindset. He stressed that if policy changes but processes and mindset remain the same, reforms remain only on paper, which is why his government worked to transform the entire system. Shri Modi elaborated on process reforms, citing the example of cabinet notes, which earlier took weeks or months to prepare, slowing development. His government made decision-making time-bound and technology-driven, ensuring that files could not remain pending indefinitely, and the results are visible today.
Citing the example of railway over-bridge approvals, which earlier took years and required multiple clearances, Shri Modi said it has now been streamlined, leading to rapid infrastructure growth. He also highlighted border infrastructure, recalling that earlier even a simple road in border areas required permissions from Delhi, creating barriers for local decision-making. Post-2014, his government empowered local administration, resulting in fast-paced border infrastructure development.
The Prime Minister underscored that one reform which has created global impact is UPI, India’s digital payment system, which is not just an app but proof of convergence of policy, process, and delivery. He noted that UPI has brought banking and financial benefits to citizens who never imagined access to such services. Shri Modi further emphasized that Digital India, the digital payment system, and the Jan Dhan-Aadhaar-Mobile trinity were not born out of compulsion but conviction, driven by the vision of including citizens who were earlier left out. He affirmed that even today, the government continues to move forward with the same conviction.
Underlining that India’s new outlook is reflected in the budget as well, the Prime Minister highlighted that earlier discussions around the budget focused only on outlay—how much money was allocated, what became cheaper or costlier, how many new trains were announced—without questioning the outcomes of those announcements. He emphasized that his government made the budget outcome-centric along with outlay-centric. Shri Modi noted another major change in Budget, stating that before 2014, off-budget borrowing dominated discussions, whereas now off-budget reforms are the focus. He recalled reforms outside the budget such as next-generation GST, the creation of NITI Aayog in place of the Planning Commission, the abrogation of Article 370, the law against triple talaq, and the enactment of the Nari Shakti Vandan Adhiniyam. The Prime Minister underlined that whether announced in the budget or outside it, the Reform Express continues to gain momentum. He pointed out that in just the past year, reforms were carried out in the ports and maritime sector, initiatives were taken for the shipbuilding industry, reforms were advanced under the Jan Vishwas Act, the SHANTI Act was introduced for energy security, labor law reforms were implemented, the Bharatiya Nyaya Sanhita was brought in, reforms were made in the Waqf Act, and a new Viksit Bharat G RAM G bill was enacted to generate rural employment. He stressed that numerous such reforms have been consistently undertaken throughout the year.
The Prime Minister remarked that this year’s budget has further advanced the Reform Express and emphasized two important factors—capital expenditure and technology. He highlighted that, as in previous years, infrastructure spending has been increased to nearly 17 lakh crore rupees, noting the significant multiplier effect of capex in boosting capacity, productivity, and job creation across multiple sectors. He pointed to announcements such as the construction of five university townships, the development of city economic regions for tier-2 and tier-3 cities, and seven new high-speed rail corridors, describing them as true investments in the youth and the future of the nation.
Underscoring that over the past decade, technology and innovation have been recognized as core drivers of growth, with the promotion of startup and hackathon culture, Shri Modi noted that India now has more than two lakh registered startups working across diverse sectors. He added that the government has encouraged risk-taking and rewarded innovation, with visible results. He stated that this year’s budget strengthens these priorities, particularly with significant announcements for sectors such as biopharma, semiconductors, and artificial intelligence.
The Prime Minister further remarked that as India’s economic strength has grown, the government has also empowered states. He cited figures showing that between 2004 and 2014, states received around 18 lakh crore rupees through tax devolution, whereas from 2014 to 2025, states have already received 84 lakh crore rupees. He added that with the nearly 14 lakh crore rupees proposed in this year’s budget, the total tax devolution to states under his government will reach close to 100 lakh crore rupees, enabling state governments to advance development work across the country.
The Prime Minister remarked that India’s free trade agreements are being widely discussed and analyzed globally, but he offered an important perspective on why such deals were not possible before 2014. He questioned why, despite the same country, youth power, and government system, comprehensive trade deals with developed nations were absent earlier. He explained that the change lies in the government’s vision, policy, intent, and India’s enhanced strength. He highlighted that during the period when India was counted among the Fragile Five economies, suffering from policy paralysis and surrounded by scams, no country was willing to trust India. Shri Modi noted that before 2014, India’s manufacturing base was weak, and earlier governments feared that trade deals with developed nations would lead to market capture and product dumping. He recalled that in that atmosphere of despair, the previous government managed only four comprehensive trade agreements. In contrast, he emphasized that in the past decade India has concluded trade deals covering 38 countries across diverse regions. The Prime Minister underlined that today’s India is confident, ready to compete globally, and has built a strong manufacturing ecosystem over the past eleven years. He affirmed that this strength and empowerment have earned the trust of the world, forming the basis of a paradigm shift in India’s trade policy, which has become an essential pillar of the journey towards a developed India.
Underlining that the government is working with full sensitivity to make every citizen a participant in development, prioritizing those who were left behind, Shri Modi highlighted that earlier governments only made announcements for Divyang citizens, but their government institutionalized Indian Sign Language as an example of true sensitivity. He noted that the transgender community had long struggled for rights, and their government enacted a law to provide them dignity and protection. He emphasized that in the past decade, millions of women were freed from the practice of triple talaq, and reservation for women in Lok Sabha and state assemblies was secured. The Prime Minister underlined that the mindset of government machinery has also changed, becoming more sensitive, which is evident in schemes like free ration distribution. He criticized the opposition for mocking the scheme, pointing out that while 25 crore people have come out of poverty, free ration ensures that those entering the neo-middle class do not fall back into poverty. He stated that the government has spent lakhs of crores on this scheme, providing immense support to the poor and neo-middle class.
Shri Modi further remarked on the difference in vision, noting that some question why he speaks of 2047 and developed India, dismissing it as uncertain. He countered that if freedom fighters had thought similarly, India would never have achieved independence. He stressed that when the nation comes first, every decision and policy is for the country. The Prime Minister affirmed that the government’s vision is clear—to continuously work towards making India developed. He added that whether or not today’s generation remains till 2047, the nation and its future generations will, and therefore it is the duty of the present to dedicate itself so that the future is secure and bright.
The Prime Minister remarked that the world must now be prepared to live with disruptions, noting that their nature will continue to evolve but systems will change rapidly. He highlighted the disruptions already visible due to artificial intelligence and emphasized that AI will bring even more revolutionary changes in the future, for which India is ready. Shri Modi announced that in a few days, the Global AI Impact Summit will be held in India, with participation from numerous countries and technology leaders from across the world. He concluded by affirming that together, efforts will continue to build a better world and, with this confidence, extended his best wishes for the success of the Summit.
Speaking at the ET Now Global Business Summit.@ETNOWlive https://t.co/iPz4ezdCA0
Amid numerous disruptions, this decade has been one of unprecedented development for India, marked by strong delivery and by efforts that have strengthened our democracy. pic.twitter.com/CBAhs933Gf
In this decade of the 21st century, India is riding the Reform Express. pic.twitter.com/6psr2ObG7C
We have made the Budget not only outlay-focused but also outcome-centric. pic.twitter.com/Ic8lRrRuhD
Over the past decade, we have regarded technology and innovation as the core drivers of growth. pic.twitter.com/OormGf11x5
Today, we are entering into trade deals with the world because today’s India is confident and ready to compete globally. pic.twitter.com/BHrU0raO4i