When the entire country stands with our forces, the strength of our jawans increases 125 crore times: PM Modi during #MannKiBaat
Decision to implement demonetisation wasn’t easy. There will be inconvenience to rid the country of troubles of 70 years: PM #MannKiBaat
Govt, post offices, banks are working hard & with dedication to fight evils of black money & corruption: PM Modi during #MannKiBaat
Despite inconvenience, people across the country have accepted demonetisation drive. This shows their potential: PM during #MannKiBaat
Villages, farmers & small traders have a pivotal role in our country’s economy: PM Modi during #MannKiBaat
Urge small traders to embrace technology by using banking apps & digital payment systems: PM Modi during #MannKiBaat
By embracing technology, we can build a cashless society. This will be a big transformation: PM during #MannKiBaat
We can gradually move from a ‘less-cash’ society to a cashless society. Youth can play a major role in this: PM Modi during #MannKiBaat
Youth can be the agents of change in fighting black money & corruption: PM Narendra Modi during #MannKiBaat

My dear countrymen, Namaskar. Last month, all of us were celebrating Diwali. Like every year, this Diwali too, I had gone to the border, to the China border, to celebrate the occasion with our soldiers, our jawans. I celebrated Diwali with ITBP men and army jawans on the lofty heights of the Himalayas. I do it every time, but this Diwali was an entirely different experience. The heartening effect of the novel way in which our 1.25 billion countrymen dedicated this Diwali to soldiers of our army, to our defence forces, was clearly evident on their faces. They appeared charged with emotions, and not just that, the act of our countrymen of sending greeting messages, including the defence forces of the nation in their rejoicing had elicited a wonderful response. And it is not that people merely sent messages. There was an earnest heartfelt connect. Some wrote poems, some drew pictures, a few created cartoons, others made videos; it was as if every home had been transformed into an army post. And when I saw those letters, I used to be amazed at the magnitude of creativity and emotions behind this endeavour. And this gave rise to a thought in MyGov that out of these, selected items could be compiled to make a coffee table book. Work is under way on that. Your collective contribution, the sentiments of soldiers, your emotional universe dedicated to our security forces as expressed in your creativity will form the content of this volume.

A soldier wrote to me – Mr. Prime Minister, we soldiers have all the festivals like Holi and Diwali on the borders. We are devoted to defending the country every moment. Bu we do miss our near and dear ones back home during festivals. But, to tell you the truth, this time we did not feel so. Never did it appear to us even once that we are not at home for the festivities. It felt as if we were celebrating Diwali together with a hundred and twenty five crore Indians.

My dear countrymen, this warmth of emotion, this fervour that has been kindled in the hearts of our defence forces, our soldiers this Diwali, should this be confined to only a few occasions? I appeal to you that we should make it our nature, our characteristic as a society, as a Nation that whether it be a celebration of a festival or any joyous occasion, we should keep the soldiers, the jawans of the military of our nation in our hearts and minds. When the entire nation stands by the armed forces, their might mutiplies a hundred and twenty five crore times.

 A few days ago, all Pradhans from the villages of Jammu & Kashmir had come to see me. They were from the Jammu & Kashmir Panchayat Conference. They had come from different villages of the Kashmir valley, there were around 40-50 Pradhans. I got an opportunity to speak to them at length. They had come to discuss a few points on the development of their villages; they had some demands. But when the deliberations began, issues such as conditions in the valley, the law and order situation, the future of children came up in a natural manner. These village Pradhans spoke about these topics with such affection and openness that everything touched my heart. In the course of the conversation, there was also a mention of schools in Kashmir that had been set afire. And I felt these Pradhans were as saddened as our other countrymen were, at that. They too felt that it was not just schools, it was the future of the children, that had been set ablaze. I had urged them to focus on these children’s future, on their return home. I am feeling happy today that these Pradhans, who had come from the Kashmir valley, kept their word in letter and spirit. They returned to their villages and made people from far and wide aware on this issue. Recently, just a few days ago, when the Board examinations were held, 95% of the sons and daughters of Kashmir, the young students appeared in the examinations. The sheer volume of students, who appeared in the Board Examinations, is a clear indication that our children from Jammu & Kashmir are committed to attain newer heights of progress, to build a bright future through the medium of education. For their resolute zeal I congratulate these students and I also felicitate their parents, their kith and kin, their teachers and all the Gram Pradhans as well from the depths of my heart.

My dear brothers and sisters, this time when I asked people for suggestions for ‘Mann ki Baat’, I can say that almost all the suggestions that were received echoed one theme. Everyone wanted me to speak in more detail about the 500 & 1000 rupee notes. On the 8th of November at 8 in the evening, in my Address to the Nation, I had talked about launching a mega campaign to bring about reforms in the country. When I had taken this decision and presented it before you, then also I had said openly that it was not an ordinary decision, it was one fraught with difficulties. It was a very important decision but implementation of that decision is equally important. And I had also foreseen that this would result in all of us having to face various new difficulties in our day-to-day lives. And I had stated then also that this decision was so enormous that it would take us at least 50 days to come out of its after effects and only then would we be able to move towards normalcy. These maladies have been afflicting us for the past 70 years and the campaign for getting rid of these can never be an easy task. I can very well understand the problems you are going through! But when I see your support, when I look at your co-operation; although numerous efforts are on to misguide you, despite that, and despite witnessing some disturbing incidents, you have whole heartedly comprehended the path of righteousness and truth, you have favourably accepted this step taken in the best national interest.

500 and 1000 rupee notes and such a vast country, wide proliferation of currencies, billions and trillions of bank notes and amidst that, this decision – the whole world is minutely observing, every economist is analysing it, evaluating it. The whole world is watching – will hundred and twenty-five crore Indians finally attain success after facing numerous hardships? This question may be there in the world community. However, India has nothing but faith and faith only and supreme confidence in her hundred and twenty five crore countrymen that they will certainly fulfill their resolve. And our country will emerge shining like gold does after a test by fire. And the reason for that is you, the citizens of this country. The route to this success also has been paved only because of you.

Across the country, central government, state governments, all units of the local self government institutions, one lakh thirty thousand bank branches, lakhs of bank employees, over one and a half lakh post offices, over a lakh Bank-Mitras are relentlessly at work, day and night, with complete dedication. In the midst of immense and varied stress, all these individuals are working hard, maintaining a calm and composed demeanour, taking it as a Yagya of Service to the Nation, an attempt towards a great transformation.

They begin work early in the morning, not knowing when they will wind up at night. Everyone is busy working. And as a precise consequence of this diligence, there are clear indications that India will succeed handsomely in this endeavour. And I have seen that in the midst of such difficulties, all personnel of banks and post offices are working very hard. And when it comes to the practice of humanity, they appear two steps ahead. Someone told me that in Khandwa, an old gentleman met with an accident. Money was needed urgently. This came to the knowledge of local bank personnel,  and I was happy to learn that they personally carried and handed over cash at his home, for help in treatment. Innumerable such incidents come to light everyday through television, media, newspapers and mutual conversations. I profusely thank all such compatriots who have striven hard to perform this MAHAYAGYA, and lived up to the lofty virtue of PURUSHARTH. The greatest validation of SHAKTI, strength, comes when the same is put to test. I distinctly remember, when the Prime Minister’s Jan Dhan Yojana was launched, bank personnel earnestly and zealously shouldered their responsibilities and showed that they could achieve what had not been accomplished during the last 70 years. Their capabilities were manifested. Today, once again, they have accepted the challenge and I do believe that the steely resolve of one hundred and twenty five crore countrymen, their collective demonstration of PURUSHARTH will go a long way in investing our nation with a new power and strength on its path of progress.

But vices are so widespread and deep-rooted that even today there are people whose vicious habits refuse to die. Even now, some people think that they can re-introduce into the system, money from corruption, black money, unaccounted wealth and Benami money (money in unknown person’s name), using some route or the other. They seek illegal means to save their ill-gotten wealth. The saddest part is that, for this too, they have chosen to misuse the poor, the underprivileged people. By misguiding the poor, enticing them through the vices of avarice and temptation, wrongfully pumping money into their bank accounts, or getting them to undertake some wrong activities, some people are trying to save their black money. I want to tell such people today -  whether you reform or not is up to you, whether you respect and follow the law or do otherwise is again up to you; of course, the law will take its own course to decide on the requisite action; but, for God’s sake, please do not play with the lives of poor people. Do not do anything that may bring the names of the poor on record for wrong reasons and land my dear poor people into trouble during the investigation later on account of your  foul deeds. And the law regarding Benami property that has been enacted and is being implemented is very stringent and it is going to be extremely tough on wrong doers. The government does not wish that our countrymen should face undue hardships.

One Mr. Aashish has called me up and appreciated the fight against corruption and black money through the action on 500 and 1000 Rupee notes: -

“Sir, Namaste. My name is Aashish Paare. I am an ordinary citizen of Village Tiraali of Tehsil Tiraali in District Harda of Madhya Pradesh. Your move to demonetize 1000 and 500 rupee notes is a commendable step. I wish that in Mann Ki Baat, you  quote instances of people, who, despite facing hardships, have welcomed this step for the nation’s progress. This will further enhance people’s zeal. A cashless economy is necessary for nation building. And I am with the whole country on this. I am truly happy that you have done away with 1000 and 500 rupee notes.”

I have received a similar call from Mr. Yellappa Velankar Ji from Karnataka: -

“Modi Ji, Namaste. I am calling from a village in Koppal district of Karnataka. My name is Yellappa Velankar. I want to thank you wholeheartedly because you had said that good days will come, but nobody had ever thought that you would take such a big step. You have taught a lesson to black money mongers and the corrupt through the demonetization of 1000 and 500 rupee notes. For each and every citizen of India there could be no better days than these. For this I thank you from the core of my heart.”

We get to know certain things through media, through the people and through government sources which add to our enthusiasm for work. It gives us such a great happiness and a sense of pride to know that the common man in my country has such a wonderful capability. A restaurant on the National Highway-6 in Akola in Maharashtra has displayed a board saying that if you have only old currency notes in the pocket and want to have food, please, do not worry about money and do not leave hungry from this place. Please, do have your food and pay later whenever you happen to pass through this place. So people go and eat there and make payments on their next visit after 2, 4 or 6 days. This is the strength of my country which encompasses the spirit of service, of sacrifice and also of genuineness and honesty.

During elections, I used to have ‘चाय पर चर्चा’, that is discussions over tea and this got publicised around the whole world. People in many countries of the world even learnt to utter the phrase – ‘Chai Par Charcha’. But, I did not know ‘Chai Par Charcha’ could be linked to a marriage also. I learnt that on 17th November, a marriage was solemnised with ‘Chai Par Charcha’ in Surat. One daughter at Surat in Gujarat served only tea to all the guests who had come to her wedding. There was no big function, no feast or banquet because there was a shortage of cash due to demonetisation. Guests from the bridegroom’s side also gracefully accepted it as their ceremonial welcome. Bharat Maaroo and Dakshaa Parmar from Surat, through their marriage, have made a valuable contribution in the ongoing fight against corruption and black money and set up a very inspiring example. I convey my blessings to the newlyweds Bharat and Dakshaa and profusely compliment them also for having transformed their wedding occasion into an offering for the great task and thereby converting it into a new opportunity. Whenever confronted by such difficult times, people do succeed in exploring and finding good avenues and solutions.

I once saw in the news on TV, when I had returned late in the night, a report about a small village called Dhekiajulli (धेकियाजुली) in Assam, where tea workers reside. These tea workers get their wages on weekly basis. Now, what they did when they received a 2000 rupee note as wages? Four women from the neighborhood got together and jointly made purchases and made the payment with the 2000 Rupee note; they did not need small currency as they had jointly made their purchases and had decided that they would settle accounts later when they were to meet next week. People are themselves finding ways. And just look at this change. The government received a message that people of tea gardens in Assam are demanding setting up of ATMs in their areas. See, how the village life is also getting transformed. Some people are getting instant benefits from this campaign. The nation will reap these benefits in the days to come but some people have got benefits instantly. On asking how things were going on, I got to know about the impact in small towns. On the basis of reports received from about 45-50 cities, I gathered that demonetisation had encouraged people there to pay their arrears accumulated due to non-payment of dues earlier; many people were in the habit of not making tax payments such as water tax, electricity bills, etc., they just did not pay. Now all of us know very well that the poor people always like to clear their dues 2-3 days in advance. It is the well-off people, who do not pay their taxes and bills as they have higher connections and know that nobody is going to ask or do anything against them. Thus there are big arrears of payments, which remain pending. All municipalities receive hardly 50% of their tax revenues. But, this time after the decision taken on the 8th instant, people rushed to deposit their old currency notes. 47 urban institutions had received about 3 to 3.5 thousand crore rupees in taxes last year. You will be surprised and also happy to know that during this one week, these institutions received 13 thousand crore rupees. Imagine the difference - from 3 to 3.5 thousand crores to 13 thousand crores. And, that too with the self initiative of those making payments. Now that these municipalities have received 4 times the money, it is quite natural that poor localities and slums will get better drainage facilities, better water supply and better Aanganbari system. Many such examples are coming to light where direct benefits of this demonetisation can clearly be seen.

Brothers and sisters, our villages and our farmers are strong pillars of our economy. Every citizen is making requisite adjustments amidst the difficulties as a result of the new changes. But, I especially wish to compliment the farmers of our country. I was just gathering data of the sowing of this crop season. I am glad that be it wheat, be it pulses, be it oilseeds, the data received till 20th November indicates that sowing has increased substantially as compared to sowing during the last year. Our farmers have discovered new avenues amidst the present difficulties. The government has also taken many important decisions, wherein priority has been accorded to our farmers and villages. Despite these measures, some difficulties persist but I am confident that our farmer who bravely faces every difficulty, including natural calamities, is standing firm in the face of present odds also.

Small traders and businessmen of our country provide employment opportunities besides adding to the economic activities. In the last budget we had taken an important decision that just like the big malls, small shopkeepers in the villages will also be allowed to operate round the clock and no rule will stop them from doing so because I felt that when the big malls can function 24 hours, why the poor village-shopkeepers should not get the same facility? A number of initiatives were taken to grant them loans under Mudra Yojana. These small traders were provided loans worth lakhs and crores of rupees under Mudra Yojana because there are crores of such small traders and they impart momentum to the business activities worth billions of rupees. But naturally they too had to face difficulties due to this decision. However, I have seen that these small businessmen too have kept providing services to their customers in their own ways through the use of technology such as Mobile App, Mobile Bank and Credit Card and on the basis of mutual trust also. And, I want to tell our small trader brothers and sisters that this is a ripe opportunity for them too to make their entry into the digital world. You too download Apps of Banks on your mobile phones. You too keep a POS machine for transactions in Credit Cards. You too learn to do cashless business. You can see how the big malls are expanding their business with the help of latest technology. A small trader can also expand the business with the help of this user friendly technology. There is no possibility of things going wrong, but there certainly is an opportunity to grow. I invite you all. You can make a very big contribution in creating a cashless society. You can create a full-fledged banking facility on your mobile phone and there are many ways now to run our business without using paper currency. There are technological methods which are safe, secure and instantaneous. I want that you not only extend your cooperation in making this campaign successful but also lead the process of transformation and I have full confidence that you can be the leader for this change. I am sure you can handle the entire business in your village using this technology.

I want to tell my worker brothers and sisters too that you have faced heavy exploitation. Wages shown on paper are much higher than the wages actually paid to you. If sometimes full wages are paid, someone stands outside to forcibly take his cut and the worker is compelled to accept this as his fate. We want that under this new system you should have a bank account; your wages should be deposited directly into your bank so that payment of minimum wages is ensured. You get your due wages in full, without anybody extracting a cut. No one should exploit you. And, once the money is credited into your bank account, you can use your mobile phone as an e-wallet and you do not need any hi-fi smart phone for this, because even with the help of your ordinary mobile phone itself you can make purchases from the neighbourhood shops and make payments as well. That is why, I specially urge our worker brothers and sisters to participate in this scheme because after all I took such a momentous decision for the benefit of the poor people, the farmers, the workers, the deprived and the suffering people of the country and, hence, these benefits must reach them.

I specially want to talk to our young friends today. We keep telling with great fanfare the whole world that India is a country where 65% of the population is below the age of 35 years. I know, dear young men and women of my country, that you have liked my decision. I also know that you support my decision. I even know that you are making a big contribution in positively taking this mission forward. But dear friends, you are my true soldiers, my true partners. We have got a wonderful chance to serve our mother India and to take our country to new economic heights. Dear youngsters, can you please help me? You will be with me but that alone is not enough. The older generation does not have the exposure and experience of the new world which you possess. Possibly your elder brother and even your parents and uncles and aunts also may not know. You know what an ‘App’ is, what ‘online banking’ is and how ‘online ticket booking’ is done. For you these are routine things and you also make use of them. But, the great task that the country wants to accomplish today is the realisation of our dream of a ‘Cashless Society’. It is true that a hundred percent cashless society is not possible. But why should India not make a beginning in creating a ‘less-cash society’? Once we embark on our journey to create a ‘less-cash society’, the goal of ‘cashless society’ will not remain very far. And I require your physical help, your own time, your own resolve and I am sure that you will not disappoint me because we are the ones nurturing the desire to change for better the life of the poor people of India. You know how many opportunities there are today for a cashless society, for digital banking or for mobile banking. Every bank provides online banking facility. Every bank in India has its own ‘mobile App’. Every bank has its wallet. Wallet simply means an e-purse. Various types of cards are available. Under Jan Dhan Yojana, crores of poor families in India have Rupay Cards. Used scarcely earlier, after 8th November the poor people have started using Rupay Cards and this usage has seen almost 300% surge. Just as there is a prepaid card for mobile phones, prepaid cards are also available in banks to facilitate expenditure. UPI is a very useful platform for carrying on trade activities which enables you to make purchases, send money and even receive money. And, this procedure is as simple as sending messages through WhatsApp. Even an illiterate person today knows how to send and also forward WhatsApp messages. Not only this, with the simplification of technology, we do not require any big smart phones for this purpose.

Cash can be transferred even with a phone with ordinary features. A washerman, vegetable vendor, milk supplier, newspaper vendor, tea stall owner or a chanaa vendor, everyone can easily use this facility. I have provided further impetus to simplifying this system even more. All banks are engaged in this and are doing their best. We have now cancelled the online surcharge and you might have seen in the newspapers during last 2-4 days that all extra charges for such cards have been abolished in order to strengthen the movement towards achieving a ‘cashless society’.

My dear young friends, despite all these things, there is an entire generation which is ignorant in these matters. And I know it very well that all of you are actively contributing in this great task. The kind of creative messages that you send on WhatsApp - slogans, poems, anecdotes, cartoons, new imagination, jokes – I am seeing all these signifying the creative power of our young generation amidst the present challenges. This is the speciality of our ‘Bharat Bhoomi’, our motherland where GITA was created on a battlefield. Today when we are passing through the times of such gigantic changes, your original creativity is manifesting itself within you. But, my dear young friends, I once again tell you that I need your help in this task. Yes, yes, yes – I repeat that I NEED YOUR HELP and I am very sure that millions of young people of our country will accomplish this tremendous task.

You just do one thing, take a resolve today itself that you will yourself become a part of the ‘cashless society’. Every technology needed for online spending will definitely be available on your mobile phone. But not only this, you must devote half an hour, one hour or two hours daily to educate at least 10 families about what this technology is, how this technology is to be used, how to download the Apps of your banks, how to spend money from one’s account, how to make payment to shopkeepers. Also teach the shopkeepers to conduct their business with this technology. You have to voluntarily lend your leadership to this great campaign, this Maha Abhiyan, to create a ‘cashless society’, to eradicate corruption from our country, to abolish the scourge of black money and to help people in overcoming their difficulties and problems. Once you teach the poor people about the usage of Rupay Card, they will shower their blessings upon you. When you teach the common citizen these new techniques, he will probably become free from all his worries. And if all the young people of India join in this great endeavour, I don’t think it will take much time. We can emerge and take our place in the world as a new modern India within a period of one month. And you can do this through your mobile phone by going to 10 houses daily and bringing 10 families daily under the ambit of this campaign. I invite you – come, do not just support this transformation but become one of its leading soldiers and ensure that we achieve the desired transformation. We shall carry forward this struggle to free our country from the evils of corruption and black money. There are many countries in the world where the youth have changed the nation’s life and it has to be accepted that it is the youth which brings about the great changes, which creates revolutions. Kenya made a resolve and set up a mobile based system M-PESA, adopted appropriate technology which was named M-PESA and today in Kenya, in this region of Africa, total business is ready to shift to this system. That country has brought about a big revolution.

My dear young friends, I once again earnestly appeal to you to take forward this campaign. I invite you to work for this mission individually and collectively in every school, in every college, in every university, in NCC and in NSS. We must take this forward. We have got an opportunity to render a great service to our nation; this chance must not be missed.

Dear brothers and sisters, today is the birth anniversary of a great poet of our country – Shriman Harivansh Rai Bachchan Ji and on this occasion today, Shriman Amitabh Bachchan Ji has given a slogan for Swachhta Mission. You must have noticed, that Amitabh Ji, the most popular actor of this century, has been whole-heartedly promoting the campaign for cleanliness. It appears as if the subject of cleanliness has become so dear to him that even on his father’s birth anniversary he remembered the Cleanliness Mission. He has quoted one line from a poem written by Harivansh Rai Bachchan Ji wherein he said: “Mitti Ka Tann, Masti Ka Mann, Kshan Bhar Jeewan, Mera Parichay. (feV~Vh dk ru] eLrh dk eu] {k.kHkj thou] esjk ifjp;)” Harivansh Rai Ji used to give his introduction through this line. His son Shriman Amitabh Ji, who has the cleanliness mission running in his veins, has written to me –“Swachchh Tann, Swachchh Mann, Swachchh Bharat, Mera Parichay.  LoPN ru] LoPN eu] LoPN Hkkjr] esjk ifjp; ” based on Harivansh Rai Ji’s lines. I respectfully bow to Harivansh Rai Ji. I also thank Shriman Amitabh Ji to connect in such a warm manner with ‘Mann Ki Baat’ and for taking forward the Cleanliness Campaign.

My dear countrymen, now your views and your sentiments on ‘Mann Ki Baat’ though your letters, on MyGov, on NaarendraModiApp  keep me constantly connected with you. Presently Mann Ki Baat is broadcast at 11 AM but we are going to start its broadcast in regional languages immediately after my Hindi broadcast. I am grateful to Akashvani for taking up this initiative which will definitely provide an opportunity to connect our countrymen even in those areas, where Hindi language is not prevalent.  Many thanks to all of you.

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In this decade of the 21st century, India is riding the Reform Express: PM Modi at ET Now Global Business Summit
February 13, 2026
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: PM
In this decade of the 21st century, India is riding the Reform Express: PM
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You are all welcome to this Global Business Summit; I extend my greetings to each one of you. We are here to discuss the theme “A Decade of Disruption, A Century of Change.” After listening to Vineet ji’s speech, I feel my task has become much easier. But let me make a small request-since you know so much, it should sometimes also be reflected in ET.

Friends,

The past decade of the 21st century has been one of unprecedented disruption. The world has witnessed a global pandemic, tensions and wars in different regions, and supply chain breakdowns that shook the global balance, all within a single decade. But friends, it is said that the true strength of a nation is revealed in times of crisis, and I take great pride in the fact that amid so many disruptions, this decade has been one of unprecedented development for India, marked by remarkable delivery and the strengthening of democracy. When the previous decade began, India was the eleventh-largest economy. Amid such turbulence, there were strong apprehensions that India might slip further down. But today, India is moving rapidly toward becoming the world’s third-largest economy. And the “Century of Change” that you speak of will, I say with great responsibility, rest significantly on India. Today, India contributes more than 16 percent to global growth, and I am confident that in every coming year of this century, our contribution will keep increasing steadily. I have not come here like an astrologer making predictions. India will drive global growth; it will emerge as the new engine of the world economy.

Friends,

After the Second World War, a new global order took shape. But after seven decades, that system is breaking down. The world is moving toward a new world order. Why is this happening? It happened because the foundation of the earlier system was based on a “One Size Fits All” approach. It was believed that the world economy would be centered in the core and that supply chains would become strong and dependable. Nations were seen merely as contributors within that framework. But today, this model is being challenged and is losing its relevance. Every country now realizes that it must build its own resilience.

Friends,

What the world is discussing today, India made part of its policy as early as 2015, ten years ago. When NITI Aayog was established, its founding document clearly articulated India’s vision: India would not import a single development model from any other country. We would pursue an Indian approach to India’s development. This policy gave India the confidence to make decisions according to its own requirements and in its own national interest. That is a key reason why, even during a decade of disruption, India’s economy did not weaken but continued to grow stronger.

Friends,

In this decade of the 21st century, India is riding on a Reform Express. The greatest feature of this Reform Express is that we are accelerating it not out of compulsion but with conviction, and with a commitment to reform. Many distinguished experts and stalwarts of the economic world are present here. You have seen the period before 2014. Reforms were undertaken only when circumstances forced them, when crises struck, when no other option remained. The reforms of 1991 happened when the country faced the danger of bankruptcy and had to pledge its gold. That was the approach of earlier governments-they undertook reforms only out of compulsion. After the 26/11 terrorist attack, when the Congress government’s weaknesses were exposed, the NIA was formed. When the power sector collapsed and grids began to fail, only then did reforms in the power sector occur out of necessity.

Friends,

There is a long list of examples reminding us that when reforms are made under compulsion, neither the correct results nor the desired national outcomes are achieved.

Friends,

I am proud that in the last eleven years, we have carried out reforms with complete conviction-reforms in policy, in process, in delivery, and even in mindset. Because if policy changes but processes remain the same, if the mindset remains unchanged, and if delivery does not improve, reforms remain merely pieces of paper. Therefore, we have made sincere efforts to transform the entire system.

Friends,

Let me speak about processes. A simple yet crucial process is that of Cabinet notes. Many here would know that earlier, it would take months just to prepare a Cabinet note. How could a nation develop at that speed? So we changed this process. We made decision-making time-bound and technology-driven. We ensured that a Cabinet note would not remain on any officer’s desk beyond a fixed number of hours-either reject it or take a decision. The nation is witnessing the results today.

Friends,

Let me also give the example of approvals for railway overbridges. Earlier, it would take several years to get a single design approved. Multiple clearances were required, and letters had to be written at various levels-and I am speaking not about the private sector, but about the government. We changed this as well. Today, see the pace at which road and railway infrastructure is being built. Vineet ji elaborated on this extensively.

Friends,

Another interesting example is border infrastructure, which is directly linked to national security. There was a time when even constructing a simple road in border areas required permissions from Delhi. At the district level, there was practically no authority empowered to make decisions; there were wall upon walls, and no one could take responsibility. That is why, even decades later, border infrastructure remained in poor condition. After 2014, we reformed this process, empowered local administration, and today we are witnessing rapid development in border infrastructure.

Friends,

One reform in the past decade that has created a stir worldwide is UPI, India’s digital payment system. It is not merely an app; it represents an extraordinary convergence of policy, process, and delivery. Those who could never even imagine accessing banking and financial services are now being served by UPI. Digital India, the digital payment system, the Jan Dhan-Aadhaar-Mobile trinity-these reforms were not born of compulsion but of conviction. Our conviction was to ensure the inclusion of citizens whom previous governments had never reached. Those who were never cared for, Modi honors and empowers. That is why these reforms were undertaken, and our government continues to move forward with this same spirit.

Friends,

This new mindset of India is also reflected in our Budget. Earlier, when the Budget was discussed, the focus was only on outlay-how much money was allocated, what became cheaper or costlier. On television, budget discussions would revolve almost entirely around whether income tax had increased or decreased, as if nothing beyond that existed in the country. The number of new trains announced would dominate headlines, and later no one would ask what happened to those announcements. Therefore, we transformed the Budget from being merely outlay-centric to being outcome-centric.

Friends,

Another significant change in the Budget discourse is this: before 2014, there was extensive discussion about off-budget borrowing. Now, there is the discussion about off-budget reforms. Beyond the Budget framework, we implemented next-generation GST reforms, replaced the Planning Commission with NITI Aayog, removed Article 370, enacted legislation against triple talaq, and passed the Nari Shakti Vandan Act.

Friends,

Whether announced within the Budget or beyond it, the Reform Express continues to gather speed. In just the past year, we have carried out reforms in the ports and maritime sector, taken numerous initiatives for the shipbuilding industry, advanced reforms under the Jan Vishwas Act, enacted the Shanti Act for energy security, implemented labor law reforms, introduced the Bharatiya Nyaya Sanhita, reformed the Waqf law, and introduced a new GRAM G Act to promote rural employment. Numerous such reforms have been undertaken throughout the year.

Friends,

This year’s Budget has propelled the Reform Express even further. While the Budget has many dimensions, I will speak about two important factors-Capex and Technology. As in previous years, infrastructure spending has been increased to nearly ₹17 lakh crore in this Budget as well. You are aware of the significant multiplier effect of capex; it enhances the nation’s capacity and productivity and generates large-scale employment across numerous sectors. The construction of five university townships, the creation of city economic regions in Tier-2 and Tier-3 cities, and seven new high-speed rail corridors, such Budget announcements are, in the truest sense, investments in our youth and in the nation’s future.

Friends,

Over the past decade, we have regarded technology and innovation as core drivers of growth. With this vision, we promoted a start-up culture and a hackathon culture across the country. Today, India has more than two lakh registered start-ups operating across diverse sectors. We encouraged our youth and fostered a spirit that rewards risk-taking. The results are evident before us. This year’s Budget further strengthens this priority. Significant announcements have been made, particularly for sectors such as biopharma, semiconductors, and AI.

Friends,

As the country’s economic strength has grown, we have also empowered the States proportionately. Let me share another figure. Between 2004 and 2014, over ten years, the States received around ₹18 lakh crore as tax devolution. In contrast, from 2014 to 2025, States have been given ₹84 lakh crore. If I add the approximately ₹14 lakh crore proposed in this year’s Budget, the total tax devolution to States under our government will reach nearly ₹100 lakh crore. This amount has been transferred by the Union Government to various State governments to advance development initiatives in their respective regions.

Friends,

These days, there is considerable discussion about India’s FTAs-Free Trade Agreements. As I entered here, the conversations had already begun, and analyses are taking place across the world. Today, however, let me present another interesting perspective-perhaps not the angle the media seeks, but one that may be useful. I firmly believe that what I am about to say may not have crossed your minds either. Have you ever wondered why such extensive free trade deals with developed nations did not materialize before 2014? The country was the same, the youthful energy was the same, the government system was the same-so what changed? The change came in the government’s vision, in its policy and intent, and in India’s capabilities.

Friends,

Reflect for a moment-when India was labeled among the “Fragile Five” economies, who would have engaged with us? In a village, would a wealthy family agree to marry their daughter into an impoverished household? They would look down upon it. That was our situation in the world. When the country was gripped by policy paralysis, surrounded by scams and corruption, who could have placed their trust in India? Before 2014, India’s manufacturing base was extremely weak. Earlier governments were hesitant; hardly anyone approached India, and even if efforts were made, they feared that deals with developed nations would result in those countries flooding our markets and capturing them. In that atmosphere of despair, before 2014, the UPA government managed comprehensive trade agreements with only four countries. In contrast, the trade deals concluded by India over the past decade cover 38 countries across different regions of the world. Today, we are entering trade agreements because India is confident. Today’s India is prepared to compete globally. Over the past eleven years, India has built a robust manufacturing ecosystem. Therefore, India today is capable and empowered, and that is why the world trusts us. This transformation forms the foundation of the paradigm shift in our trade policy, and this paradigm shift has become an essential pillar in our journey toward a Developed India.

Friends,

Our government is working with full sensitivity to ensure that every citizen participates in development. Those left behind in the race for progress are being prioritized. Previous governments only made announcements for persons with disabilities; we too could have continued that path. But sensitivity defines governance. The example I am about to give may seem small to some of you. Just as our country has linguistic diversity, sign language too was fragmented-one form in Tamil Nadu, another in Uttar Pradesh, a third in Gujarat, a fourth in Assam. If a differently-abled person from one state travelled to another, communication became difficult. This may not appear to be a major task, but a sensitive government does not consider such matters trivial. For the first time, India has institutionalized and standardized Indian Sign Language. Similarly, the transgender community had long struggled for their rights; we enacted legislation granting them dignity and protection. In the past decade, millions of women were freed from the regressive practice of triple talaq, and reservation for women in the Lok Sabha and State Assemblies was ensured.

Friends,

The mindset within the government machinery has also transformed, becoming more sensitive. This difference in thinking is visible even in schemes like providing free food grains to the needy. Some in the opposition mock us; certain newspapers amplify such mockery. They ask why free rations are given when 250 million people have supposedly risen out of poverty. It is a peculiar question. When a patient is discharged from a hospital, does the doctor not still advise precautions for several days? Yes, the person has come out of poverty, but that does not mean support should immediately cease. Those with narrow thinking fail to understand that lifting someone out of poverty is not sufficient; we must ensure that those who have entered the neo-middle class do not slip back into poverty. That is why continued support in the form of free food grains remains necessary. Over the past years, the Central Government has spent lakhs of crores on this scheme, providing immense support to the poor and the neo-middle class.

Friends,

We also observe a difference in thinking in another context. Some people question why I speak of 2047. They ask whether a Developed India will truly materialize by then, and whether it matters if we ourselves are not present at that time. This, too, is a prevalent mindset.

Friends,

Those who fought for India’s independence endured lathi charges, imprisonment in Cellular Jail, and even mounted the gallows. Had they thought that independence might not come in their lifetime and questioned why they should suffer for it, would India ever have attained freedom? When the nation comes first, when national interest is paramount, every decision and every policy is shaped for the country. Our vision is clear-we must continue working tirelessly to build a Developed India. Whether we are present in 2047 or not, the nation will endure, and future generations will live on. Therefore, we must dedicate our present so that their tomorrow is secure and bright. I sow today so that the generations of tomorrow may reap the harvest.

Friends,

The world must now prepare to live with disruption. Its nature may evolve over time, but rapid change in systems is inevitable. You can already witness the disruption brought by AI. In the coming years, AI will usher in even more revolutionary transformations, and India is prepared. In a few days, India will host the Global AI Impact Summit. Nations and technology leaders from across the world will gather here. Together with all of them, we will continue striving to build a better world. With this confidence, I once again extend my best wishes to all of you for this Summit.

Thank you very much.

Vande Mataram.