India set to drive global growth, emerge as new engine of world economy: PM Modi

Prime minister Narendra Modi on Friday said India now accounts for about 16% of global economic growth and is positioned to become a key driver of world expansion in the coming years.Speaking at the ET Now Global Business Summit, Modi said the current decade has marked a phase of unprecedented development for India despite multiple global disruptions, supported by strong policy delivery and democratic stability.“Today, India accounts for 16% of global growth, and I am confident that our contribution will continue to increase in the future. India is poised to drive the world's economic growth and emerge as a new engine of global progress,” he said. The Prime Minister said the world is moving towards a new global order where countries are focusing more on building internal resilience rather than following uniform development models.“The system established then was based on the idea of 'one size fits all'. It was then assumed that the world economy would be at the core... In this system, nations were viewed solely as contributors. But today, this model is being challenged... Today, every nation is realising that it has to build its own resilience. What the world is discussing today, India made that its policy in 2015 itself. India had made its vision clear in the founding document of 'Niti Aayog', that India will not import even a single development model from any other nation,” he said, ANI quoted.Modi said the government is pushing reforms with conviction rather than external pressure.“Today, in this decade of the 21st century, India is riding on the Reform Express, and the biggest specialty of this Reform Express is that we are accelerating it not out of compulsion, but with conviction and with reform commitment,” he said.He said the Union Budget approach has shifted from being largely outlay-driven to outcome-focused.Referring to global shocks including pandemics, wars, geopolitical tensions and supply chain disruptions, Modi said India has continued to strengthen growth and governance outcomes.“... Global pandemics, tensions across the globe, wars, and supply chain breakdowns: the world has seen a lot in just a decade. It is said that a nation's strengths are revealed in times of crisis. And I am very proud that, despite many setbacks, this decade has been one of development, excellent delivery, and strengthening of democracy for India,” he said.“It is often said that a country's true potential emerges during times of crisis. I am proud that, despite numerous disruptions, this decade has been marked by unprecedented development, remarkable delivery, and the strengthening of our democracy,” he added.The Prime Minister said technology and innovation remain central to India’s growth strategy.