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PM Modi addresses the ET Now Global Business Summit 2025

Published By : Admin | February 15, 2025 | 20:00 IST
Today, be it major nations or global platforms, the confidence in India is stronger than ever: PM
The speed of development of a Viksit Bharat is remarkable: PM
Many aspirational districts have now transformed into inspirational districts of the nation: PM
Banking the unbanked, Securing the unsecured and Funding the unfunded has been our strategy: PM
We have transformed the fear of business into the ease of doing business: PM
India missed the first three industrial revolutions but is ready to move forward with the world in the fourth: PM
In India's journey towards becoming a Viksit Bharat, our government sees the private sector as a key partner: PM
25 crore Indians have risen out of poverty in just 10 years: PM

The Prime Minister Shri Narendra Modi addressing the gathering at the ET Now Global Business Summit 2025 in New Delhi today, recounted that in the last edition of ET Now Summit, he had humbly stated that India would work at a new speed in their third term. He expressed satisfaction that this speed is now evident and receiving support from the country. He thanked the people of Odisha, Maharashtra, Haryana and New Delhi for showing immense support for the commitment to Viskit Bharat. He acknowledged this as a recognition of how the citizens of the country are shoulder-to-shoulder in the pursuit of the goal of a developed India.

“Today, be it major nations or global platforms, the confidence in India is stronger than ever”, exclaimed Shri Modi, who returned yesterday from his visit to France and the USA. He added that the sentiment was reflected in the AI Action Summit in Paris as well. The Prime Minister remarked, “Today, India is at the center of the Global Future Discussions and also leading in some as well”. He added that this was a consequence of a new revolution of reforms in India since 2014. Shri Modi highlighted that India entered in the top 5 largest economies in the world in just the last decade, denoting the speed of development of Viksit Bharat. He added that people would soon witness India becoming the 3rd largest economy in the world in a few years. He emphasized that this was the necessary pace for a young country like India and stressed that India was moving ahead with this very speed.

Prime Minister remarked that previous dispensations avoided reforms, with a mindset of not wanting to undertake hard work. He added that today the reforms being undertaken in India was with full conviction. He highlighted that there was rarely any discussion about how major reforms could bring significant changes to the country. He pointed out that living under the burden of colonialism had become a habit in India. Even after independence, remnants of the British era continued to be carried forward. He cited an instance where phrases like 'justice delayed is justice denied' were heard for a long time, but no concrete steps were taken to address this issue. The Prime Minister highlighted that over time, people became so accustomed to these things that they didn't even notice the need for change. He added that there was an ecosystem that doesn't allow discussions about good things to take place and puts energy into preventing such discussions. Shri Modi emphasized that in a democracy, it is crucial to have discussions and debates about positive things. However, he added that a narrative has been created that saying something negative or spreading negativity is considered democratic, whereas if positive things are discussed, democracy is labeled as weak. He stressed that it was essential to come out of this mentality.

Highlighting that until recently, the penal codes in India dated back to 1860 which aimed at strengthening colonial rule and punishing Indian citizens, Shri Modi noted that a system rooted in punishment could not deliver justice, leading to prolonged delays. He remarked that since the implementation of the new Indian Judicial Code 7-8 months ago, noticeable changes have occurred. For example, a triple murder case was resolved in just 14 days from FIR to sentencing, resulting in life imprisonment. Similarly, a case of a minor's murder was concluded within 20 days. The Prime Minister pointed out that in Gujarat, a gang rape case registered on October 9, 2024 saw a charge sheet filed by October 26, and today, the court has convicted the accused. He cited another example from Andhra Pradesh, wherein a crime involving a 5-month-old child, the court sentenced the perpetrator to 25 years, with digital evidence playing a crucial role. In another case, the e-prison module aided in locating a rape and murder suspect who had previously served term for a crime in another state, leading to a swift arrest. He said now there were numerous instances where people are now receiving timely justice.

Pointing to a major reform undertaken related to property rights, Shri Modi referred to a UN study indicating that the lack of property rights in a country is a significant challenge. He pointed out that millions worldwide lack legal property documents, and having property rights helps reduce poverty. He noted that previous governments were aware of these intricacies but avoided such challenging tasks. He emphasized that this approach doesn't build or run a country. Shri Modi said the SVAMITVA Yojana was initiated, in which over 3 lakh villages in the country underwent drone surveys, and over 2.25 crore people received property cards. He remarked that due to the SVAMITVA Yojana, property worth ₹100 lakh crore has been unlocked in rural areas. This property existed earlier but couldn't be utilized for economic development due to the lack of property rights, he added. Shri Modi highlighted that due to the absence of property rights, villagers couldn't obtain loans from banks. He added that this issue has now been permanently resolved and today, there are numerous reports from across the country on how people benefit from SVAMITVA Yojana property cards. The Prime Minister shared a recent conversation with a woman from Rajasthan who received a property card under the scheme, and her family had been living in a small house for 20 years, and after receiving the property card, she secured a loan of around ₹8 lakh from a bank. With this money, she started a shop, and the income now supports her children's higher education. Recounting another instance from another state, he said that a villager used his property card to obtain a loan of ₹4.5 lakh from a bank and bought a vehicle to start a transportation business. In another village, a farmer used a loan against his property card to set up modern irrigation facilities on his land. The Prime Minister highlighted many such examples where villages and the poor have found new income avenues due to these reforms. He termed these as real stories of reform, perform, and transform that don't usually make headlines in newspapers and TV channels.

Remarking that after independence, numerous districts in the country were left untouched by development due to poor governance, Shri Modi said instead of focusing on these districts, they were labeled as backward and left to their fate. No one was willing to address their issues, and government officers were sent there as punishment postings, he noted. “We changed this approach by declaring over 100 districts as Aspirational Districts”, said the Prime Minister. He added that young officers were sent to these districts to improve governance at the micro-level, who worked on indicators where these districts lagged behind and implemented flagship government schemes in mission mode. “Today, many of these aspirational districts have become inspirational districts”, he said. Citing an instance, Shri Modi said that in 2018, only 26% of elementary schools in Barpeta, Assam, had the correct student-to-teacher ratio, which is now 100%, He added that in Begusarai, Bihar, the number of pregnant women receiving supplementary nutrition was 21%, and in Chandauli, UP, it was 14%, while today, both districts have achieved 100%. The Prime Minister also noted the remarkable improvement in child immunization campaigns. In Shravasti, UP, the percentage increased from 49% to 86%, while in Ramanathapuram, Tamil Nadu, it rose from 67% to 93%. He highlighted that seeing such successes, 500 blocks in the country have now been declared aspirational blocks, and rapid work is underway in these areas.

Acknowledging the decades of experience in business of the industry leaders at the summit, the Prime Minister recalled how the business environment in India used to be a part of their wish list and emphasized the progress made in the last 10 years. He highlighted that a decade ago, Indian banks were in crisis, and the banking system was fragile, with millions of Indians outside the banking system. “India was among the countries with the most challenging access to credit”, he added. “Government's strategy to strengthen the banking sector: Banking the unbanked, Securing the unsecured, and Funding the unfunded”, outlined Shri Modi. He noted that financial inclusion has significantly improved, with nearly every village now having a bank branch or banking correspondent within a 5-kilometer radius. He cited the example of the Mudra Yojana, which has provided around ₹32 lakh crore to individuals who couldn't obtain loans under the old banking system. He highlighted that loans for MSMEs have become much easier, and even street vendors have been linked to easy loans while the loans given to farmers have more than doubled. The Prime Minister remarked that while the Government is providing large numbers and amounts of loans, the banks' profits are also increasing. He contrasted this with 10 years ago, when reports of record bank losses and editorials of newspapers expressing concern over NPAs were common. He added that today, from April to December, public sector banks have recorded a profit of over ₹1.25 lakh crore. Shri Modi emphasized that this isn't just a change in headlines but a systemic change rooted in banking reforms, demonstrating the strengthening pillars of the economy.

“Over the past decade, our Government has transformed the 'fear of business' into 'ease of doing business', underscored the Prime Minister. He highlighted the benefits industries have gained from the establishment of a Single Large Market through GST. He emphasized that there has been unprecedented development in infrastructure over the past decade, leading to reduced logistics costs and increased efficiency. Shri Modi pointed out that the Government has eliminated hundreds of compliances and is now further reducing compliances through Jan Vishwas 2.0. To reduce Government interference in society, a Deregulation Commission is also being established, he added.

Highlighting that India is witnessing a significant transformation related to future preparedness, Shri Modi remarked that during the first Industrial Revolution, India was under the grip of colonial rule. He added that during the second Industrial Revolution, while new inventions and factories emerged worldwide, local industries in India were being destroyed, and raw materials were being taken out of the country. He pointed out that even after independence, conditions did not change much. When the world was moving towards the computer revolution, in India, one had to obtain a license to buy a computer, he noted. “Although India couldn't benefit much from the first three Industrial Revolutions, the country is now ready to match steps with the world in the Fourth Industrial Revolution”, the Prime Minister emphasized.

“Our Government considers the private sector a crucial partner in the journey towards a Viksit Bharat”, exclaimed the Prime Minister. He noted that many new sectors have been opened up for the private sector, such as the space sector, where many young people and startups are making significant contributions. He highlighted that the drone sector, which was closed to the public until recently, now presents vast opportunities for the youth. The commercial coal mining sector has been opened to private firms, and auctions have been liberalized for private companies, he added. The Prime Minister remarked that the private sector plays a significant role in the country's renewable energy achievements, and the Government is promoting private sector participation in the power distribution sector to enhance efficiency. He also underlined that a significant change in the recent budget is the opening of the nuclear sector for private participation.

Prime Minister remarked that today's politics has become performance-oriented and the people of India have clearly stated that only those connected to the ground and delivering results will sustain. He emphasized that the Government must be sensitive to people's problems and noted that previous policymakers lacked sensitivity and willpower. He added that their Government has understood people's issues with sensitivity and taken necessary steps with passion and enthusiasm to resolve them. Shri Modi cited global studies showing that over the past decade, the provision of basic amenities and empowerment has helped 25 crore Indians rise out of poverty. He added that this large group has become part of the neo-middle class, now dreaming of their first two-wheeler, first car, and first home. He further added that to support the middle class, the recent budget increased the zero tax threshold from ₹7 lakh to ₹12 lakh, strengthening the entire middle class and boosting economic activity. “These achievements are possible due to a proactive and sensitive government”, exclaimed Shri Modi.

“The true foundation of a developed India is trust and this element is essential for every citizen, every government, and every business leader”, emphasised Shri Modi. He highlighted that the Government is working with full strength to instill confidence among the citizens. He added that Innovators were being provided with an environment where they can incubate their ideas, while businesses were assured of stable and supportive policies. The Prime Minister concluded by expressing hope that the ET Summit will further strengthen this trust.

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The air of Israel has reached here too.

Namaskar!

All journalists of Network 18, all colleagues overseeing this arrangement, all distinguished guests present here, ladies and gentlemen!

You are all discussing Rising India. And in this, your emphasis is on strength within-in simple words, your focus is on the nation’s own inherent capability. In our scriptures it is said: Tat Tvam Asi!-that which we seek in the Brahman is within us, it is us ourselves. The strength lies within us, and we must recognize it. In the past 11 years, India has recognized that very strength, and today the nation is continuously striving to empower it.

Friends,

Strength in a nation does not suddenly emerge; it is built over generations. It is refined through knowledge, tradition, hard work, and experience. But during a long period of history, through centuries of slavery, the very spirit of being strong was filled with inferiority. Imported ideologies instilled deeply into society the belief that we were uneducated and mere followers. Our scriptures say: Yādṛśī bhāvanā yasya, siddhir bhavati tādṛśī-as is one’s belief, so is the accomplishment. When the belief itself was inferior, the accomplishment was also inferior. We copied foreign technologies, waited for foreign approval-this was slavery not just political or geographical, but mental. Unfortunately, even after independence, India could not free itself from this mentality of slavery. And we are still paying the price for it. A fresh example can be seen in the discussions around trade deals. Some people are surprised-how did this happen, why are developed nations so eager to make trade deals with India? The answer lies in a confident India, emerging out of despair and hopelessness. If the country were still stuck in the pre-2014 gloom, counted among the “Fragile Five,” trapped in policy paralysis-who would have made trade deals with us, who would have even looked at us?

But friends,

In the past 11 years, new energy has flowed into the nation’s consciousness. India is now striving to regain its lost strength. Once upon a time, when India had the greatest dominance in the global economy, what was our strength? India’s manufacturing, the quality of Indian products, India’s economic policies. Today’s India is once again focusing on these aspects. That is why we worked on manufacturing, emphasized Make in India, strengthened our banking system, controlled inflation that was running in double digits, and made India the growth engine of the world. It is this strength of India that has developed nations themselves coming forward to make trade deals with us.

Friends,

When the hidden power of a nation awakens, it achieves new milestones. Let me give you some more examples. Whenever I meet heads of government from other countries, they are eager to hear about the immense power of Jan Dhan, Aadhaar, and Mobile. In a country where ATMs arrived much later compared to developed nations, how did India achieve global leadership in digital payments? Where leakage in government aid was accepted as bitter truth, how did India, through DBT, transfer 24 lakh crore rupees-twenty-four trillion rupees-to beneficiaries? India’s digital public infrastructure has today become a subject of global discussion.

Friends,

The world is astonished-how India where until 2014 nearly 30 million families lived in darkness, became one of the top countries in solar power capacity? How did India whose cities had no hope of improved public transport, become the third-largest metro network country in the world? How did India whose railways were known only for delays and slow speed achieve semi-high-speed connectivity with Vande Bharat and Namo Bharat?

Friends,

There was a time when India was only a consumer of new technology. Today, India is also a creator of new technology and is setting new standards. And this has happened because we recognized our own strength-the very strength within you are discussing is an example of this.

Friends,

When we move forward with pride, the way the world looks at us also changes. Remember, just a few years ago, how little global media discussed India’s events. Events in India were not given much importance. And today, see how every action of India is analyzed globally. The AI Summit is an example-it was held right here in this building. More than 100 countries participated. Whether Global North or Global South, all sat together at one table. From large corporations to small startups, all gathered together.

Friends,

In all the industrial revolutions so far, India and the entire Global South were only followers. But in this era of Artificial Intelligence, India is not only a participant in decisions but is also shaping them. Today we have our own AI startup ecosystem, the strength to invest in data centers, and we are working rapidly on the power most needed to store and process AI data. The reforms we have made in the nuclear power sector will also help strengthen India’s AI ecosystem.

Friends,

The organization of the AI Summit was a moment of pride for the whole of India. But unfortunately, the country’s oldest party tried to tarnish this celebration. In front of foreign guests, Congress did not just strip off clothes, but also exposed its ideological bankruptcy. When failure breeds despair and arrogance takes over, such thinking emerges that seeks to defame the nation. Clearly, Congress’s actions have angered the country. To justify its sin, they brought Mahatma Gandhi forward. Congress always does this-when it wants to hide its sins, it puts Bapu forward; when it wants to glorify itself, it gives all credit to one family.

Friends,

Congress has now reduced itself to a mere toolkit of opposition in the name of ideology. This mentality of blind opposition has grown so much that they do not miss any chance to belittle the nation on every stage, every platform. Whatever good happens for the country, whatever auspicious occurs, Congress only knows how to oppose.

Friends,

I have a long list-the new Parliament building was constructed, they opposed it. The lions of the Ashoka pillar atop Parliament-they opposed it. Those whose lions once ran away after eating ordinary citizens’ shoes, were frightened by the teeth of the Parliament’s lions. The Kartavya Path was built, they opposed it. The armed forces carried out surgical strikes, they opposed it. The Balakot air strike happened, they opposed it. Operation Sindoor was conducted, they opposed it. In short, for every achievement of the nation, Congress’s toolkit produces only one thing-opposition.

Friends,

The nation brought down the wall of Article 370, the country rejoiced. But Congress opposed it. We enacted the CAA law-they opposed it. We introduced the Women’s Reservation Bill-they opposed it. We brought a law against triple talaq-they opposed it. We launched UPI-they opposed it. We initiated the Swachh Bharat Mission-they opposed it. The country developed its own COVID vaccine, and even that they opposed.

Friends,

In a democracy, opposition does not mean blind resistance. In democracy, opposition means presenting an alternative vision. That is why the enlightened citizens of the country have been teaching Congress a lesson-not just today, but continuously for the past four decades. What I am about to say, I urge my media colleagues to analyze as well. You will see that Congress’s votes are not being stolen; rather, the people of the country no longer consider Congress worthy of their vote. And this decline began after 1984. In 1984, Congress received 39 percent of the vote and more than 400 seats. In subsequent elections, Congress’s vote share kept declining. And today, Congress’s condition is such that only four states remain where Congress has more than 50 legislators. Over the past 40 years, the number of young voters has increased, and Congress has steadily disappeared. Congress has become a club of people enslaved to one family. That is why first the millennials taught Congress a lesson, and now Gen Z is also ready.

Friends,

Congress and its allies have such a narrow mindset that they have even made long-term vision a crime. Today, when we talk about a developed India by 2047, some people ask-“Why talk about something so far ahead now?” Some even say, “Modi won’t be alive till then.” The truth is that nation-building never happens through short-term thinking. It happens through a grand vision, patience, and timely decisions. Let me present some facts before Network 18’s viewers. Every year, India spends more than 6 lakh crore rupees on freight through foreign ships. On fertilizer imports, we spend 2.25 lakh crore rupees annually. On petroleum imports, we spend 11 lakh crore rupees annually. That means, every year, trillions of rupees are flowing out of the country. If this investment had been directed towards self-reliance 20–25 years ago, today this capital would have been strengthening India’s infrastructure, research, industry, farmers, and youth. Today, our government is working with this very vision. To avoid paying 6 lakh crore rupees to foreign ships, Indian shipping and port infrastructure is being strengthened. To increase domestic fertilizer production, new plants are being set up, and nano-urea is being promoted. To reduce dependence on petroleum, ethanol blending, the Green Hydrogen Mission, solar energy, and electric mobility are being prioritized.

And friends,

We must take decisions today while keeping the future in mind. That is why India is building a semiconductor ecosystem. In defense production, mobile manufacturing, drone technology, the critical minerals sector, and investments therein-we are laying the foundation for economic security in the coming decades. The 2047 goal is not a political slogan. It is also a resolve to correct the historical mistakes where Congress governments failed to invest in time. Today, if we build indigenous ships, produce our own energy, and develop new technologies ourselves, then future generations will not discuss the burden of imports, but the capacity for exports. The progress of a nation is determined not by “today’s convenience” but by “tomorrow’s preparation.” And the hard work done with foresight is the foundation of a self-reliant, strong, and prosperous India in 2047. And no matter how many clothes Congress tears in protest, we will continue to work tirelessly.

Friends,

One very important condition of nation-building is sincerity of intent. Congress and its allies have failed even here. They have never worked with sincerity. They have no concern for the suffering of the poor. For example, in Bengal, the Ayushman Bharat scheme has still not been implemented. If there were sincerity, would they have blocked a scheme that provides free treatment up to 5 lakh rupees for the poor? No. You also know that under the PM Awas Yojana, permanent houses are being built for the poor. Let me give another figure to Network 18’s viewers. In Tamil Nadu, about 9.5 lakh permanent houses have been allocated for poor families-9.5 lakh. But construction of 3 lakh of these houses has stalled. Why? Because the DMK government is not showing interest in building these homes for the poor. And the reason is clear-their intent is not sincere.

Friends,

Let me also give you an example from the agriculture sector. During Congress’s time, farming was left to its fate. Small farmers were ignored, crop insurance was in shambles, the Swaminathan Committee’s report on MSP was buried in files. Congress made announcements in the budget, but nothing happened on the ground-because they lacked sincerity. We began working sincerely for the farmers of the country, and today the world is witnessing the results. Today, India is becoming one of the major agricultural exporters in the world. We have created a safety net for farmers at every level. Through the PM Kisan Samman Nidhi, more than 4 lakh crore rupees have been deposited directly into farmers’ accounts. We set MSP at 1.5 times the cost and made record purchases. Let me give you just one figure-pulses. The UPA government, in 10 years, purchased only 6 lakh metric tons of pulses at MSP-6 lakh metric tons. Our government has already purchased about 170 lakh metric tons of pulses at MSP-nearly 30 times more. Now you decide who truly works for the farmers.

Friends,

The UPA government was also stingy in providing help to farmers through the Kisan Credit Card. In its 10 years, the UPA government gave 7 lakh crore rupees in agricultural loans-7 lakh crore rupees. Whereas our government has given four times more-28 lakh crore rupees. During UPA’s time, only 5 crore farmers benefited from this. Today, the number has more than doubled, reaching nearly 12 crore farmers. That means, for the first time, even small farmers have received help. Our government has also given farmers the protective shield of the PM Fasal Bima Yojana. Under this, about 2 lakh crore rupees have already been provided to farmers in times of crisis. Because we are working with sincerity, the confidence of India’s farmers is rising, their productivity is increasing, and their incomes are growing.

Friends,

A quarter of the 21st century has already passed. The next phase is the decisive period of India’s development. The decisions taken today will determine the direction of the future. We must move forward by recognizing and enhancing our strength. Every individual must aim for excellence in their field, every institution must make excellence its culture. We should not just produce products, but produce best-quality products. We should not just do routine work, but world-class work. We must convert capability into performance. As I said from the Red Fort-this is the time, the right time. This is the time to take India to new heights. Once again, my heartfelt congratulations and thanks to all of you. Namaskar.