PM addresses Economic Times Global Business Summit

Published By : Admin | February 23, 2018 | 21:52 IST
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The Prime Minister, Shri Narendra Modi, today addressed the Economic Times Global Business Summit in New Delhi, on the theme: New Economy – New Rules.

Noting that the Union Government is going to complete four years of assuming office in a few months, he said that a definite change is now visible. He said this change in the economic and social content, represents the essence of the New Rules for the New India and the New Economy.

The Prime Minister said that within the last four years, the discourse has changed from India being a “Fragile Five” economy, to the target of India becoming a “Five Trillion Dollar” economy. The Prime Minister presented facts and figures to indicate how India is playing a key role in the entire world’s growth. He said that in nominal terms, India’s share of the world GDP has risen from 2.4% in 2013, to 3.1% in 2017. He said India is performing better on various macro-economic parameters.

The Prime Minister said that this change has come about due to a new approach and a new work culture. He said India’s competitiveness is being validated by the entire world today.

Shri Narendra Modi recalled that when he had last attended this Global Business Summit, GST was still, just a possibility. Today, he added, it is a reality, which has delivered a better tax compliance system and a better revenue system. The Prime Minister mentioned other reforms such as the Insolvency and Bankruptcy Code.

The Prime Minister said that speed, scale and sensitivity are important to ensure the success of the Government’s initiatives. He gave some examples of the increase in pace in the infrastructure sector.

The Prime Minister said that there is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector.

The Prime Minister mentioned the initiatives taken in the health sector, such as Mission Indradhanush, Jan Aushadhi Stores, and the Ayushman Bharat scheme.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world. He also spoke of initiatives taken for the MSME sector.

The Prime Minister recalled that in his last address at the Economic Times Global Business Summit, he had spoken of Housing for All,Power for All, Clean Cooking for All, Health for All,and Insurance for All. He outlined the steps that have been taken in this regard in house construction, Saubhagya Yojana, Ujjwala Yojana, and insurance. Saying that the Government’s initiatives are aimed at empowering the poor, the Prime Minister also mentioned the construction of toilets, distribution of loans through the Mudra Yojana, and distribution of soil health cards.

The Prime Minister mentioned the announcement in the recent Union Budget, on MSP.

The Prime Minister appealed that those entrusted with the responsibility of ensuring rules and ethics in various financial institutions, should work with full dedication – especially those who are responsible for supervising and monitoring. He made it clear that the Government would take strict action against irregularities in financial matters. He said that the illegal accumulation of people’s money is unacceptable, and this is the basic mantra of “New Economy – New Rules.”

 

 

 

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List of Outcomes: Prime Minister of Japan’s visit to India for the 16th India-Japan Annual Summit
July 02, 2026
Sl. No.OutcomeDescription
1. India-Japan Joint Declaration on Economic Security Promotes project-based collaboration for enhancing joint resilience in key sectors including semiconductors, critical minerals, information and communication technology including AI, clean energy and pharmaceuticals. India-Japan Fact Sheet 2.0 captures growing India-Japan G2G and B2B engagement in this crucial area.
2. India-Japan Joint Statement on Cooperation in the Field of Artificial Intelligence Elevates the India-Japan relationship to a strategic research and development partnership in the AI domain. Building on the India-Japan AI Initiative, the Joint Statement provides a roadmap for greater cooperation across the entire AI technology stack in pursuit of the shared vision of safe, secure, trusted, inclusive, and human-centric AI.
3 Joint Statement on Energy Resilience (between MoPNG and METI, Japan) Strengthens cooperation in strategic stockpiling and reserve mechanisms for crude oil and petroleum products. Promotes collaboration in joint investments across the maritime energy transport value chain.
4. Celebrating the 75th Anniversary of India-Japan Diplomatic Relations Outlines a series of commemorative events to celebrate 2027, the 75th anniversary of establishment of diplomatic relations, as the India-Japan Year of Shared Horizons
5. Memorandum of Cooperation for India-Japan Cooperative Biogas for Growth (CBG) Initiative Promotes cooperation towards the goal of establishing 1,000 biogas and organic fertilizer plants all across India, leveraging the extensive network of dairy cooperatives.
6. Memorandum of Cooperation in the Field of Batteries Promotes cooperation in battery-related projects and expands business opportunities with an aim of building a trusted, resilient and sustainable battery supply chain.
7. Memorandum of Cooperation in the Field of Pharmaceuticals and Medical Devices Sector Strengthens pharma supply chains, including in Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs), through promotion of bilateral investment and business linkages, technical collaboration and industry-academia collaboration.
8. Memorandum of Cooperation in the Field of Geology and Mineral Exploration Strengthens cooperation in upstream critical minerals exploration through exchange of technical expertise.
9. Memorandum of Cooperation between IndiaAI Mission and Ministry of Economy, Trade and Industry (METI), Japan Promotes institutional cooperation between IndiaAI Mission and Japan’s GENIAC initiative – through B2B matchmaking, webinars on AI policies and challenges and support for joint projects through access to computing resources
10. Memorandum of Cooperation on Next Generation Mobility Partnership (NGMP) Establishes a framework for operationalizing the Next Generation Mobility Partnership (NGMP) which was announced at the 15th Annual Summit in August 2025. The NGMP would accelerate private sector-led cooperation and investment in mobility sectors including rail, automotive and road infrastructure, aviation, shipbuilding and ports, logistics, and urban development, positioning India as a hub for “Make in India for the World” exports to third countries.
11. Memorandum of Understanding between India’s Centre for Cellular and Molecular Platforms (C-CAMP) and RIKEN, Japan Establishes a framework for academic, translational research and start-up oriented innovation in deep-tech and life sciences, covering healthcare, agriculture and environment.
12. Memorandum of Understanding between National Center for Biological Sciences-Tata Institute of Fundamental Research and RIKEN, Japan Creates a framework for cooperation in basic biological and neuroscience research between the two leading research institutions
13. Memorandum of Understanding between IIT Bombay, BharatGen Technology Foundation and National Institute of Informatics, Japan Furthers collaboration on large language models (LLMs), with a focus on developing LLMs for enhanced scientific reasoning, through joint research exchanges
14. Memorandum of Understanding between SarvamAI and Preferred Network on LLM Development Creates a framework for cooperation across the full AI technology stack, including foundation models.
15. Memorandum of Understanding Between National Internet Exchange of India (NIXI) and Japan Network Information Center (JPNIC) Promotes cooperation in National Internet Registry operations, IPv6 adoption, internet security improvements, capacity building, student/professional exchanges and exchange of views on internet governance at regional and global forums.
16. Exchange of Letters Between International Financial Services Centres Authority (IFSCA) and Financial Services Agency, Japan (JFSA) Establishes a framework for cooperation in development, regulation and supervision of financial services as well as information exchange on financial-market trends and best practices, particularly in FinTech and RegTech.