Says “Crises Reveal the True Strength of a Nation”
“India’s Decade of Transformation from 11th to 3rd Largest Economy”
New Delhi: Prime Minister Narendra Modi on Friday said that despite a decade marked by global disruptions, India has emerged stronger and is poised to become the world’s third-largest economy, crediting sustained reforms, technology-driven governance, and confident trade policies for the country’s rapid rise.
Addressing a news channel’s Global Business Summit 2026 in New Delhi, themed “A Decade of Disruption, A Century of Change,” the Prime Minister described the past ten years as transformative for India.
“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,” he said.
Modi noted that the decade witnessed extraordinary global challenges- from the COVID-19 pandemic to geopolitical tensions and supply chain breakdowns- which unsettled the global order established after the Second World War.
“Crises reveal the true strength of a nation,” he said, adding that when the decade began, India was the 11th largest economy and faced fears of decline. “Today, India is rapidly advancing to become the world’s third-largest economy.”
He emphasized that India currently contributes over 16 percent to global growth and expressed confidence that the country would emerge as a major engine of the world economy in the coming years.
“In this decade of the 21st century, India is riding the Reform Express,” the Prime Minister declared, asserting that reforms under his government have been undertaken “not out of compulsion but conviction.”
Recalling the 1991 economic reforms introduced during a balance-of-payments crisis, Modi said earlier governments typically acted only under pressure. “Reforms born out of compulsion never yield proper results for the nation,” he remarked.
He pointed to systemic changes in governance processes, including time-bound and technology-driven decision-making, faster infrastructure approvals, and decentralized empowerment in border infrastructure projects.
The Prime Minister also cited the creation of NITI Aayog in 2015 as a turning point, saying its founding vision rejected a “One Size Fits All” development model and asserted India’s right to craft its own path.
Highlighting technology as a core growth driver, Modi said that digital governance initiatives were central to India’s transformation.
“One reform which has created global impact is UPI,” he said, referring to India’s Unified Payments Interface. “UPI is not just an app; it is proof of convergence of policy, process, and delivery.”
He added that the Jan Dhan-Aadhaar-Mobile trinity and the broader Digital India initiative were designed to include citizens previously excluded from formal financial systems.
The Prime Minister underscored that his government has shifted the focus of the union Budget from merely announcing outlays to ensuring measurable outcomes.
“We have made the Budget not only outlay-focused but also outcome-centric,” he said.
He highlighted that infrastructure spending has been increased to nearly Rs 17 lakh crore, emphasizing its multiplier effect on productivity and employment. Announcements such as five university townships, economic regions for tier-2 and tier-3 cities, and seven new high-speed rail corridors were described as investments in youth and the future.
Modi also noted that from 2014 to 2025, states received Rs 84 lakh crore through tax devolution, compared to Rs 18 lakh crore between 2004 and 2014, with this year’s allocations expected to push the total close to Rs 100 lakh crore.
On trade policy, the Prime Minister said India’s growing economic strength has enabled it to negotiate comprehensive trade agreements with confidence.
“Today, we are entering into trade deals with the world because today’s India is confident and ready to compete globally,” he said.
He contrasted the present with the pre-2014 period, when India was counted among the “Fragile Five” economies and faced concerns over policy paralysis and corruption scandals. According to Modi, while only four comprehensive trade agreements were concluded before 2014, India has now finalized deals covering 38 countries over the past decade.
Modi emphasized that the government’s development model aims to ensure participation of every citizen, particularly marginalized communities.
He cited measures such as the institutionalization of Indian Sign Language, legislation protecting transgender rights, the abolition of triple talaq, and reservation for women in Parliament and state assemblies as examples of reforms rooted in sensitivity and inclusion.
Defending the free ration scheme, he said it has supported millions, especially those transitioning into the neo-middle class. “While 25 crore people have come out of poverty, free ration ensures they do not fall back,” he stated.
Responding to critics who question the emphasis on the year 2047 – marking 100 years of India’s independence- Modi said long-term vision is essential for nation-building.
“If freedom fighters had thought that independence was uncertain, India would never have been free,” he remarked.
The Prime Minister concluded by urging preparedness for future disruptions, particularly those arising from artificial intelligence. He announced that India will soon host a Global AI Impact Summit with participation from countries and technology leaders worldwide.
“The world must now be prepared to live with disruptions,” Modi said. “India is ready.”
