“We grow with the world, and for the world,” he said addressing the Bloomberg Economic Forum in New Delhi.
“The real question is not who possesses power. Rather, the question is how that power is being used. Will technology advance only a few people? Or will it create new opportunities for millions? Will knowledge remain the strength of only a select few? Or will it enhance everyone’s capabilities?” Modi said.
“It is from here that a new idea emerges. And that idea is: Power to Empower. Power to Empower. Beyond Power to Control lies Power to Enable. Beyond Power to Compete lies Power to Collaborate. Beyond Power to Succeed lies Power to Help Others Succeed. And therefore, the vision with which I have come here today is: Power to Empower,” he said.
“This human spirit of Power to Empower is not merely a lesson meant to be preached to others. It is something that our traditions have taught us over thousands of years. And in India, we have demonstrated this by incorporating it into our governance and our work culture,” Modi said.
He said “India is the Mother of Democracy.”
“Whatever capabilities India possesses, we do not believe in keeping them confined within our own borders. We continuously share them with the Global South and with our partner countries,” Modi said.
“We are sharing our experience in Digital Public Infrastructure with other nations so that they can develop digital systems according to their own needs. During the COVID period, we also developed the CoWIN platform, which was open source. In other words, our constant effort has been to ensure that India’s capabilities open new doors of possibility for other countries as well. In other words, our strength should empower humanity,” he said.
“In this global race for power, India is moving forward with a different mindset. And this decade itself bears witness to that,” Modi said.
The Prime Minister pointed out that this decade of the twenty-first century has brought unprecedented global challenges.
“If we look back at the last six years, we witnessed a global pandemic. Then wars broke out in different regions. As if that were not enough, disruptions emerged in trade, critical minerals, and energy supplies,” he said.
“The world begins to find a way out of one crisis when another crisis appears. Things that once connected the world are now being turned into weapons. Supply chains, energy, minerals, payment systems, and technology are increasingly becoming instruments of pressure and dominance. The routes created by globalization over past decades have, in many cases, become chokepoints,” Modi said.
Amid all this, Artificial Intelligence is transforming the way every sector functions. At the same time, many countries are facing rapidly growing challenges related to ageing populations. In such circumstances, the world is confronted with a fundamental question: trust. Trust that supplies will continue during times of need., he said.
“Trust that promises made will also be fulfilled. Trust that a partner country will stand by you during moments of crisis. And it is here that India stands before you with a different outlook and a different way of thinking,” Modi said.
“India’s progress in the twenty-first century is a story of advancing together with everyone and carrying everyone along,” he said.
“When the world needs affordable medicines, one out of every five generic medicines comes from India. When solutions for digital identity and payments are required, the world looks to models developed in India. When the world needs talent, it places its trust in India’s skilled youth. Today, India is home to more than 2,000 Global Capability Centres that are providing services to companies across the world,” Modi said.
“In a world filled with uncertainty, India offers the assurance of reliability and stability. In the April-June quarter of this year, India’s growth rate stood at 7.8 percent. And this growth rests on a strong foundation. Twelve to thirteen years ago, India’s current account deficit was more than four percent of GDP. Last year, it declined to approximately half a percent, standing at 0.61 percent. Today, our foreign exchange reserves exceed 700 billion dollars. Our banking system is in its strongest position in many decades,” he added.
India’s reform express continues to move ahead at high speed. For us, reforms are not a compulsion. Reforms are our conviction, Modi said.
