Arsenal of reforms coming on multiple fronts, says PM Modi

NEW DELHI: Asserting that India is driving global growth, PM Narendra Modi on Saturday said the Centre is ready to unleash an "arsenal of reforms" on multiple fronts, while underlining the need to be self-reliant.

"We are working towards quantum jump, not incremental change. Reforms are not a compulsion, nor are they crisis-driven; it is our commitment, our conviction. We take a holistic approach for each sector and undertake reforms one by one," he said while addressing the ET World Leaders Forum 2025.

He listed several measures taken by the govt in recent days - from a new income tax law to Jan Vishwas Bill to decriminalise more than 300 provisions of various laws and reforms in mining and shipping sectors as well as an overhaul of the GST architecture.

"A major reform is underway in GST, set to be completed by this Diwali, making it simpler and bringing down prices," the Prime Minister said while reasserting his promise to reduce levies.

Referring to the new sports bill, the new sports policy and steps taken to host mega events, the PM said, "It is not in my nature to be satisfied with what has already been achieved. The same approach guides our reforms... we prepare for the future. We have to move forward. We are coming with an arsenal of reforms and we are working on multiple fronts."

In a speech delivered against the backdrop of headwinds of an increasingly bellicose Trump administration and geopolitical churn and uncertainties, PM Narendra Modi conveyed calm reassurance.

He said India, which had failed to grasp many opportunities before 2014, now not only grabs them when they emerge but also creates new ones. “From missing the bus to being in the driver’s seat, we’ve come a long way,” he said.

The govt has unleashed a series of steps in a bid to boost domestic demand and step up economic activity at a time when US President Donald Trump’s proposed additional tariffs of 50% on India’s exports to the US could have an adverse impact on labour-intensive sectors such as textiles, gems and jewellery and leather goods. Pointing to S&P’s first sovereign rating upgrade of India in 18 years, Modi said, “This means that India, due to its resilience and strength, offers hope for the rest of the world.” He said India was contributing to around a fifth of global growth. The PM said semiconductor-related factories have started coming up in India. “By the end of this year, the first Made-in-India chip will come in the market. We are also working on Made-in-India 6G.”

“Guided by the mantra of reform, perform, transform, India today is in a position to help lift the world out of slow growth.” Although he did not make any reference to US tariffs in his address, it was seen as a rebuttal of Trump’s comments on India being a “dead economy”. “The timing of the forum is perfect, and I would like to appreciate that. Just last week, from the Red Fort I spoke about next generation reforms. Now this forum is working as the force multiplier of this spirit,” he said about the ET event.

Welcoming the PM to the second edition of the ET World Leaders Forum, Satyan Gajwani, chairman of Times Internet, said Modi had refused to bow in the face of opportunistic tactics and arm-twisting when others have “agreed to play ball”. He said Operation Sindoor not only gave a fitting reply but also effected a reset in how India will respond to any such provocations in future.

“We are also witnessing highly disruptive policy moves from those once deemed the global guarantors of stability. These moves threaten to upend the rules-based order that has held up the world for more than seven decades. The take-home is that the global supply chain — which ensured shared prosperity to the developed and the developing worlds — cannot be taken as a given anymore,” Gajwani said.

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