Shri Vineet Jain ji, industry leaders, CEOs, all other esteemed dignitaries, ladies and gentlemen! Greetings to all of you...
Last time when I attended the ET Now Summit, elections were just around the corner. At that time, I had humbly said that Bharat would work at a new speed in our third term. I am satisfied that this speed is now visible, and the country is also supporting it. After the formation of the new government, the BJP-NDA has been continuously receiving the blessings of the people in various states across the country! In June, the people of Odisha accelerated the resolution of a ‘Viksit Bharat’ (Developed India), then the people of Haryana extended their support, and now the people of Delhi have given us overwhelming support. This is an acknowledgment of how the people of the country are standing shoulder to shoulder in pursuit of the goal of a ‘Viksit Bharat’.
Friends,
As you mentioned, I just returned last night from my visit to the U.S. and France. Today, whether it’s the world's major countries or global forums, the level of trust they have in Bharat is unprecedented. This was also reflected in the discussions during the AI Action Summit in Paris. Today, Bharat is at the centre of global discussions about the future, and in some areas, it is even leading. Sometimes, I wonder—if in 2014, the people of this country had not blessed us, just think—if a new wave of reforms had not begun in Bharat, would we have seen this transformation? I don’t think so, not at all. And I am sure you would not be convinced otherwise either. Would so many changes have taken place? Those of you who understand Hindi must have immediately grasped my point. The country was functioning before as well. But back then, Bharat witnessed two things—the Congress speed of development and the Congress speed of corruption. If that had continued, what would have happened? A crucial time period for the country would have been wasted. In 2014, the Congress government had set a target—that by 2044, they would make Bharat the third-largest economy. That means they were thinking in terms of a 30-year timeline. That was the Congress speed of development. And now, you have also seen the speed of development of a ‘Viksit Bharat’. In just one decade, Bharat has made it to the top five economies of the world. And friends, I say this with full responsibility—you will see Bharat becoming the world’s third-largest economy in the next few years. Just do the math—2044 vs. today’s speed. A young nation like ours needs this very speed, and today, Bharat is moving forward with exactly that momentum!
Friends,
Previous governments avoided reforms, and we must not forget this. The ET folks may forget, but I remind them. The reforms that were eventually implemented in the past were not out of conviction but out of compulsion. Today, the reforms happening in Bharat are being carried out with conviction. The earlier mindset was—why put in so much effort? Why bother with reforms? We’ve been elected, let’s just enjoy, complete five years, and think about elections when they come. There was hardly any discussion about how major reforms could transform the country. You all belong to the business world. You don’t just deal with numbers—you review your strategies, discard old methods, even if they were profitable once. No industry moves forward by carrying the burden of outdated practices—it lets them go. Unfortunately, governments developed a habit of living under the burden of colonial rule in Bharat. Therefore, British-era policies and systems were carried forward mindlessly even after independence. We often hear a phrase—Justice delayed is justice denied. It’s spoken like a sacred mantra. We’ve been hearing this for years, but did anyone work seriously to fix it? No. Over time, we became so accustomed to these inefficiencies that we stopped noticing the need for change. And then, there’s an ecosystem—some of them may be present here too—that actively prevents discussions on positive developments. Their entire energy is spent on blocking progress. But in a democracy, it’s equally important to discuss and reflect on good things as it is to critique the negatives. Yet, a mindset has been created where spreading negativity is considered democratic, and if positive developments are highlighted, democracy is labelled as weak. It’s critical to break free from this mentality. Let me give you some examples…
Friends,
Until recently, the penal codes in Bharat were from 1860. Yes, 1860! The country became independent, but we never thought of changing them because we had developed a habit of living with a colonial mindset. What was the purpose of these 1860 laws? Their aim was to strengthen British rule in Bharat and punish Indian citizens. When a system is built with punishment at its core, how can justice be delivered? That’s why, justice used to take years under this system. We made a massive change. It wasn’t easy—it took tremendous effort, millions of human hours—but we finally brought in the Bharatiya Nyaya Sanhita (BNS). The Indian Parliament approved it, and now, even though it has been only 7–8 months since its implementation, the changes are already visible. You may not see it in newspapers, but if you go among the people, you’ll notice it. Let me share some real examples of how justice delivery has transformed since Nyaya Sanhita has been introduced. It took just 14 days to solve a triple murder case —from FIR to final judgment! The accused was sentenced to life imprisonment. In one such case, a minor’s murder case was resolved within 20 days. In regard to a gang rape case in Gujarat —FIR was filed on October 9, the charge sheet was submitted by October 26, and today, February 15, the court has convicted the accused. In Andhra Pradesh, the court sentenced the accused to 25 years of imprisonment in a crime against a 5-month-old child. Digital evidence played a crucial role in this case. In another case of rape and murder, the suspect was tracked through the e-prison module. Similarly, a rape and murder case was registered in another state, which revealed that the accused had already been jailed for another crime in a different state. His arrest happened without delay. There are countless such cases where justice is being delivered swiftly.
Friends,
A major reform has also been undertaken in property rights. A UN study has identified the lack of property rights as a major challenge for people in many countries. Across the world, millions of people do not have legal documents for their property. But having clear property rights helps in reducing poverty. Earlier governments didn’t even realize this, and even if they did, who would take on the headache? Who would put in the effort? After all, this kind of work doesn’t make it to ET headlines, so why bother? But this is not how nations are run or built! That’s why we launched the Svamitva Yojana. Drone surveys have been conducted in over 3 lakh villages under the Svamitva Yojana. More than 2.25 crore people have received property cards. And today, I’m giving ET a headline: I know writing about Svamitva might not be easy for ET, but with time, even habits change!
Due to the Svamitva Yojana, property worth 100 lakh crore rupees has been unlocked in rural areas of the country. This means that these properties worth 100 lakh crore rupees already existed in villages, belonging to the poor, but it could not be utilized for economic development. Since people in villages did not have property rights, they could not avail loans from banks. However, this issue has now been permanently resolved. Today, reports from across the country highlight how property cards under the Svamitva Yojana are benefiting people. A few days ago, I spoke to a sister from Rajasthan who had received a property card under this scheme. Her family had been living in a small house for 20 years. As soon as they got the property card, they were able to secure a loan of 8 lakh rupees from the bank. With this money, she started a shop, and the income from it is now helping her family support their children’s higher education. This is how change happens! In another state, a person in a village used his property card to get a loan of 4.5 lakh rupees from the bank. With that money, he purchased a vehicle and started a transportation business. In yet another village, a farmer took a loan against his property card and set up modern irrigation facilities in his fields. There are many such examples where new earning opportunities are emerging for villagers and the poor. These are the real stories of reform, perform, and transform—stories that don’t make it to newspaper headlines or TV channels.
Friends,
After independence, there were many districts in our country where governments failed to bring development. This was a failure of governance—not a lack of budget. Funds were allocated, announcements were made, and even stock market reports were published about rising and falling indices. But what should have been done was a focused effort on these districts. Instead, these districts were labelled as backward districts and left to fend for themselves. No one was willing to work on them. Even government officials posted there considered it a punishment posting.
Friends,
Amidst this negativity, I took this challenge head-on and completely changed the approach. We identified more than 100 districts across the country, which were once called backward districts, but I called them Aspirational Districts—not backward. We started assigning young officers to these districts and worked on improving governance at the micro level. We focused on the indicators where these districts lagged the most. Then, we implemented the government’s flagship schemes in these areas in mission mode through special camps. Today, many of these aspirational districts have transformed into inspirational districts.
I want to talk about some of the Aspirational Districts in Assam—those that previous governments labelled as backward—and I want to highlight their transformation. Take Barpeta district in Assam, for example. Back then in 2018, only 26% of elementary schools had the correct student-to-teacher ratio. Only 26%. Today, that number has reached 100% in that district, ensuring that every school meets the required teacher-student balance. Similarly, in Begusarai, Bihar, only 21% of pregnant women were receiving supplementary nutrition, despite the availability of budget and resources. But despite that only 21% women were receiving supplementary nutrition. In Chandauli, Uttar Pradesh, the figure was even lower at 14%. But today, this number has reached 100% in both districts. We've also made remarkable progress in child vaccination campaigns. In Shravasti, Uttar Pradesh, vaccination coverage has increased from 49% to 86%. In Ramanathapuram, Tamil Nadu, it has improved from 67% to 93%. Seeing these successes, we realized that this grassroots transformation model was highly effective. So, after successfully identifying and working on 100 Aspirational Districts, we have now taken this mission to the next level. We have identified 500 Aspirational Blocks, where we are now focusing on rapid development. Just imagine—when these 500 blocks experience fundamental improvements, the entire nation’s development indicators will transform!
Friends,
Here, we have a large number of industry leaders present. You have seen multiple decades and have been in business for a long time. The kind of business environment Bharat should have was often part of your wish list. Now, think—where were we 10 years ago, and where are we today? A decade ago, Bharat’s banking system was in crisis. It was fragile, and millions of Indians were outside the formal banking network. As Vineet ji just mentioned about Jan-Dhan accounts, Bharat was one of the few countries where accessing credit was very difficult.
Friends,
We worked on multiple levels simultaneously to strengthen the banking sector. Our strategy has been: Banking the unbanked, Securing the unsecured and Funding the unfunded. Ten years ago, the argument was that financial inclusion was impossible because there weren’t enough bank branches. But today, nearly every village in Bharat has a bank branch or banking correspondent within 5 km. One example of how credit access has improved is the MUDRA Yojana, which has provided 32 lakh crore rupees to those who would have never qualified for loans under the old banking system. This is a huge change. MSME loans have become much easier to access. Today, even street vendors are getting collateral-free loans, and loans for farmers have more than doubled. We are not only disbursing more loans with bigger amounts but also ensuring that our banks remain profitable. A decade ago, even Economic Times was publishing headlines about banking scams and record NPAs (Non-Performing Assets). Editorials were filled with concerns about the fragility of our banking system. And today what is being published? Between April and December, public sector banks have recorded over 1.25 lakh crore rupees in profits! Friends, this is not just a change in headlines. This is a change in the system, driven by our banking reforms. It proves that the pillars of our economy are growing stronger than ever.
Friends,
In the past decade, we have transformed the fear of business into the ease of doing business. With GST, Bharat now has a Single Large Market, which has significantly benefited industries. Our unprecedented infrastructure development has reduced logistics costs and increased efficiency. We have eliminated hundreds of unnecessary compliances and are now further reducing them through Jan Vishwas 2.0. I firmly believe that government intervention should be minimized. To achieve this, we are also setting up a Deregulation Commission to streamline regulations even further.
Friends,
Today, Bharat is witnessing another major transformation—one that is preparing us for the future. When the First Industrial Revolution began, Bharat was sinking deeper into colonial rule.
During the Second Industrial Revolution, while the world was witnessing new inventions and factories, Bharat’s local industries were being destroyed. Raw materials were being exported out of Bharat, leaving us behind. Even after independence, the situation didn’t change much. When the world was moving toward the computer revolution, Indians had to get a licence just to buy a computer! Bharat missed out on the benefits of the first three industrial revolutions, but in the Fourth Industrial Revolution, we are ready to move forward alongside the world!
Friends,
In its journey toward becoming a ‘Viksit Bharat’, our government considers the private sector a key partner. The government has opened several new sectors for private participation, including the space sector. Today, many young entrepreneurs and start-ups are making significant contributions in this space sector. Similarly, the drone sector, which was once closed to the public, now offers huge opportunities for youth. We have also opened up commercial coal mining for private firms, making auctions more liberalised. The private sector has played a major role in the country’s renewable energy achievements, and now, we are also expanding private participation in the power distribution sector to enhance efficiency. One of the biggest reforms in this year's budget is something that no one dared to do before—we have opened the nuclear sector for private participation as well!
Friends,
Today, our politics has also become performance-oriented. The people of Bharat have made it clear—only those who stay connected to the ground and deliver real results will survive. A government must be sensitive to people's problems—that is the first requirement of good governance. Unfortunately, those who handled policy-making before us often lacked both sensitivity and willpower to bring real change. Our government, however, has listened to people’s problems with empathy and taken bold, decisive steps to solve them with passion and commitment. Various global studies confirm that because of the basic facilities provided to citizens and their empowerment in the last decade, 25 crore Indians have moved out of poverty. This massive shift has created a new neo-middle class, which is now aspiring to buy their first two-wheeler, first car, and first home. To support the middle class, we made a significant change in this year’s budget—we increased the zero-tax limit from 7 lakh rupees to 12 lakh rupees. This decision will strengthen the middle class and further boost economic activity across the country. This is possible only with a government that is both proactive and sensitive to the needs of the people!
Friends,
A ‘Viksit Bharat’ is built on a foundation of trust—trust among citizens, the government, and business leaders. This element of trust is essential for progress. Our government is working tirelessly to strengthen this trust among the people. We are creating an environment of confidence for innovators, where they can incubate their ideas freely. We are ensuring that businesses can rely on stable and supportive policies for sustainable growth. I hope that this ET Now Summit will further reinforce this trust. With these words, I conclude my remarks. Best wishes to all of you. Thank you very much!
