New Delhi: Prime Minister Narendra Modi on Friday said India contributes more than 16 per cent to global growth today and expressed confidence that the country will emerge as a new engine of world economy.
In this decade of the 21st century, he said, India is riding on the ‘Reform Express’, and its biggest specialty is that “we are accelerating it not out of compulsion, but with conviction and with reform commitment”.
Modi made the remarks while speaking at the ET Now Global Business Summit 2026.
“India accounts for 16 per cent 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 growth,” he said.
In his address, the Prime Minister spoke on host of issues, including how India is moving towards becoming the world’s third largest economy.
Observing that at the start of the last decade, India was the 11th largest economy, he said “amid so much upheaval, there was apprehension that India would slip even further down. But today, India is rapidly moving forward and heading towards becoming the world’s third largest economy”.
Referring to the Covid pandemic and supply chain disruptions, Modi said 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 strengthening of our democracy,” he said.
Modi further said numerous free trade agreements were being signed now.
“Have you ever wondered why this wasn’t the case before 2014, even though the country and its circumstances largely remained the same? The key difference lies in the government’s vision, as well as changes in its intentions and policies,” he said.
Previously, Modi said when India was considered part of the ‘Fragile Five’, “the prevailing environment of policy paralysis, frequent scams, and widespread corruption discouraged other nations from entering into agreements with us”.
“Back then, who would have had confidence in India?”
The Prime Minister said India is making trade deals with the world, because the country is filled with confidence and is ready to compete with the world. “Today, we are entering into trade deals with the world because today’s India is confident and ready to compete globally,” he said. Talking about the Union Budget presented in Parliament on February 1, he said the Budget has propelled the Reform Express forward.
Modi said the capital expenditure (capex) has been raised to about Rs 17 lakh crore and it will have significant multiplier effect on the country’s capacity and productivity, and also generate employment across multiple sectors. He also took a dig at previous Congress-led governments, saying earlier the focus of budget discussions used on outlays -- how much money was allocated, what became cheaper, what became more expensive. There was hardly anyone asking what happened to
the schemes afterwards. “We have made the Budget outcome-centric along with outlay,” Modi added. With agency inputs