Modi pitches reform-led growth and ‘Shared Futures’ at Economic Times World Leaders Forum

New Delhi, August 25. Prime Minister Narendra Modi on August 21 said India’s growth and reform trajectory is rooted in the belief that the future of nations is interconnected, calling for greater global cooperation amid economic uncertainty, resource weaponisation and declining trust.

Addressing the Economic Times World Leaders Forum 2026, Modi said the summit’s theme, ‘Shared Futures’, reflected the realities of a world where the fortunes of countries are increasingly linked. He recalled that India’s G20 presidency had carried the message of “One Earth, One Family, One Future”, saying the idea of a shared future could help address several challenges confronting the world in the 21st century.

The Prime Minister said India was increasingly being seen as a bright spot for global growth and optimism, pointing to the government’s claim that 25 crore people had been lifted out of poverty while the country continued to be the fastest-growing major economy.

He said the government was pursuing reforms across seven priority areas, or “Saptadhara”, including manufacturing, technology and the green economy. According to Modi, the reform agenda spans policy, governance and the ease of living.

“Reforms are not a compulsion for us; this is our ultimate commitment and our absolute conviction,” he said.

From ‘Production Linked Punishment’ to incentives

Drawing a contrast with the Licence Raj era, Modi described what he termed “Production Linked Punishment”, under which businesses faced restrictions for exceeding production limits. He argued that policies designed to maintain scarcity had constrained industry and employment.

He contrasted that approach with the government’s Production Linked Incentive (PLI) scheme, which he said had attracted ₹2.5 lakh crore in actual investment, generated ₹22 lakh crore in production and sales, contributed ₹15 lakh crore in exports and created more than 14 lakh jobs.

The Prime Minister attributed the pace of India’s development to political stability and policy continuity, saying the government was replacing the old philosophy of “prohibited unless permitted” with “permitted unless prohibited”.

He said the government-citizen relationship should be based on trust rather than suspicion, citing measures such as the Jan Vishwas Bill, the removal of more than 40,000 compliances and the repeal of over 1,500 obsolete laws.

Modi also highlighted the passage of the Bankers’ Books Evidence Bill during the Monsoon session of Parliament, saying modernising the legal framework for digital banking records would reduce legal complications and improve the ease of doing business.

Governance reforms and infrastructure

The Prime Minister cited changes in the Indian Railways as examples of governance focused on safety, efficiency and passenger dignity. He said electronic interlocking had been installed at more than 6,500 stations and 10,000 level crossings, while the elimination of around 9,000 unmanned crossings had contributed to a sharp decline in train accidents compared with pre-2014 levels.

He also pointed to the installation of more than 3.6 lakh bio-toilets in trains since 2014, saying the initiative represented not only improved cleanliness but also greater passenger dignity.

Modi said the Delhi-Meerut Namo Bharat Rapid Rail and Delhi Metro had achieved punctuality levels of 99.9 percent, describing the performance as an example of an India rapidly adapting to changing times.

Deregulation fuels new sectors

Turning to policy reforms, Modi said government regulations should be designed around India’s actual requirements rather than forcing the country to operate within outdated restrictions.

He cited the liberalisation of geospatial data as an example, recalling that Indian citizens had once faced restrictions on mapping their own country. The relaxation of those rules, he said, had helped spur growth in the startup ecosystem.

The Prime Minister also highlighted the expansion of the drone sector across agriculture, defence and content creation, attributing its growth to regulatory changes that removed earlier restrictions.

He said the government had also changed its approach to border infrastructure, treating it as a strategic asset rather than a vulnerability. According to Modi, the Border Roads Organisation dedicated 250 infrastructure projects to the nation in 2024 and 2025.

Nuclear, defence reforms

Modi pointed to the SHANTI Bill as a major structural reform that opened the nuclear energy sector to private participation. He also cited the restructuring of more than 40 ordnance factories into seven corporate entities.

According to the Prime Minister, these measures had strengthened India’s push for self-reliance and contributed to a 55-fold increase in defence exports compared with 2014.

Digital services transform daily life

The Prime Minister said reforms were increasingly becoming part of everyday life, citing digital payments, QR codes, online shopping and other technology-enabled services.

He highlighted India’s low-cost data ecosystem and rapid 5G rollout, along with the integration of Aadhaar with mobile and banking services. These systems, he said, had made processes such as opening bank accounts and filing income tax returns substantially easier through e-KYC and digital authentication.

Modi also pointed to the e-Sanjeevani telemedicine platform, which he said had enabled nearly 50 crore consultations, reducing the need for patients in remote areas to travel long distances for medical care.

Digi Yatra at airports and FASTag-enabled highway travel were similarly cited as examples of reforms aimed at saving time and improving convenience.

Focus on long-term gains

The Prime Minister stressed that transformative decisions should be judged by their long-term impact rather than their immediate electoral appeal.

As an example, he cited PM-KUSUM and the PM Surya Ghar Muft Bijli Yojana, arguing that subsidising rooftop solar installations offered households a more sustainable benefit than simply providing free electricity.

Modi said more than 50 lakh families had benefited from the rooftop solar initiative and could potentially reduce electricity bills while earning income by selling surplus power to the grid.

He said such reforms were intended to deliver lasting benefits irrespective of electoral cycles.

Concluding his address, Modi said the government would continue expanding the “Ease of Living” and “Ease of Doing Business” agenda for young people, women, farmers and the middle class. He said the administration’s “Reform Express” would continue to accelerate efforts towards building a developed India, or Viksit Bharat.

He also linked India’s domestic stability with global stability, arguing that a stronger and more secure India would be better positioned to contribute to a more secure international order.