PM addresses the Economic Times World Leaders Forum 2026

The world sees India as a bright spot for growth and hope: PM

Today, India is implementing next-generation reforms at the policy level and undertaking reforms at governance level: PM

Increasing production was met with punishment earlier but today, our government is providing incentives for boosting production

India has political stability and continuity in its policies: PM

Earlier, the approach of regulations was, 'prohibited unless permitted'; We are changing this approach and taking it towards 'permitted unless prohibited': PM

The relationship between the government and citizens should be based on trust, not suspicion: PM

Today, we are shaping policies that are pro-people, pro-growth and pro-development: PM

Prime Minister Shri Narendra Modi today addressed the Economic Times World Leaders Forum 2026. Greeting the assembled dignitaries, policymakers, and business leaders at the World Leaders Forum, the Prime Minister expressed his profound happiness at participating in the prestigious summit. Emphasizing the critical relevance of this year's theme, 'Shared Futures', he noted that the global fluctuations of recent years have undeniably proven that the destinies of all nations are inextricably linked. Observing that the nation has always moved forward with this exact spirit, he pointed out that this was precisely why India's mantra during its G-20 Presidency remained 'One Earth, One Family, One Future'. "This sentiment of Shared Future, alongside the responsibility associated with it, actively provides a solution to many problems of this 21st-century world," remarked Shri Modi.

Addressing widespread global concerns regarding growth, resource weaponization, and mounting distrust, the Prime Minister highlighted that the international community increasingly views India as a bright spot for growth and hope. Underlining the nation's success in lifting 25 crore citizens out of poverty and maintaining its status as the world's fastest-growing major economy, PM Modi pointed out the government's intense focus on 'Saptadhara', seven key sectors including manufacturing, technology, and green economics, announced during his Independence Day address. Therefore, the Prime Minister noted, India, today, is undertaking next-generation reforms at the policy level, driving reforms at the governance level, and implementing reforms for ease of living. "Reforms are not a compulsion for us; this is our ultimate commitment and our absolute conviction," asserted Shri Modi.

Contrasting the current economic environment with the restrictive policies of the past, the Prime Minister humorously detailed the concept of 'Production Linked Punishment' (PLP) from the License Raj era, where companies were penalized or forced to destroy goods for exceeding production limits. He criticized the underlying mindset of previous administrations that deliberately maintained scarcity to force citizens into dependency, a practice that severely strangled employment generation."People with this mindset always wanted a severe shortage of essential items to persist; it was their deliberate policy to keep the citizens in deprivation," observed Shri Modi.

Highlighting the transformative shift in governance philosophy, the Prime Minister juxtaposed the destructive PLP model with the current Production Linked Incentive (PLI) scheme, demonstrating how a reform in thinking fundamentally changes economic outcomes. He proudly presented the staggering success of the PLI scheme, which alone has attracted Rs 2.5 lakh crore in actual investments, driven Rs 22 lakh crore in production and sales, generated Rs 15 lakh crore in exports, and created over 14 lakh jobs. "Where the punishment model of the previous License Raj increased unemployment, today our incentive model is actively creating lakhs of new jobs," affirmed Shri Modi.

Attributing the rapid pace of national development to political stability and policy continuity, the Prime Minister outlined a clear roadmap focused heavily on governance-level reforms. He explained the paradigm shift from a restrictive "Prohibited unless permitted" approach to a progressive "Permitted unless prohibited" philosophy, dramatically reducing the need for constant bureaucratic permissions. "The fundamental basis of the relationship between the government and the citizens must be deep trust, not suspicion," asserted Shri Modi.

Detailing specific legislative advancements reflecting this philosophy, the Prime Minister pointed to the Jan Vishwas Bill, which decriminalized numerous minor procedural offenses, replacing jail time with economic penalties. He further highlighted the systematic removal of over 40,000 compliances and the abolition of more than 1,500 obsolete laws to significantly ease the burden on industries. "When we look at all these massive reforms together, we get a clear idea of exactly how big a burden has been reduced from the shoulders of our businesses," noted Shri Modi.

Praising the government's relentless drive to modernize legal frameworks despite political opposition, the Prime Minister celebrated the recent passage of the Bankers' Books Evidence Bill during the Monsoon session. He explained that replacing a 19th-century British law with modern legislation granting legal recognition to digital banking records will drastically reduce complications and boost the Ease of Doing Business. "This will actively reduce legal complications, massive transparency in the system will increase, and the Ease of Doing Business will significantly rise," affirmed Shri Modi.

Stressing the vital importance of human-centric governance, the Prime Minister showcased the massive safety upgrades within the Indian Railways, including the installation of electronic interlocking at over 6,500 stations and 10,000 level crossings. With mission-mode elimination of roughly 9,000 unmanned crossings, which successfully reduced train accidents by up to 90 percent compared to pre-2014 levels, Shri Modi said, "Systems must be made in such a way in which there is absolute sensitivity towards every single human life and their precious time".

Highlighting the dramatic transformation in railway hygiene as a prime example of modern governance, the Prime Minister noted that over 3.6 lakh bio-toilets have been installed in trains since 2014, fundamentally eliminating the issue of human waste on tracks."This massive change is not just about cleaning; it is fundamentally about the dignity of the passengers, hygiene, and modern governance," observed Shri Modi.

Emphasizing punctuality as a critical metric of governance quality, the Prime Minister proudly cited the Delhi-Meerut Namo Bharat Rapid Rail and the Delhi Metro, both operating with an exceptional 99.9 percent on-time record, rivaling systems in New York, Hong Kong, and Paris."This is not just the story of a Metro and Namo Rapid Rail running on time; this is the proud identity of an India rapidly changing with time," affirmed Shri Modi.

Shifting focus to policy-level reforms, the Prime Minister explained that the government designs proactive, pro-people, and pro-growth policies tailored to the nation's needs rather than forcing the country to conform to restrictive rules. He cited the historical absurdity where mapping India was illegal for its own citizens, highlighting how the deregulation of geospatial data has since catalyzed immense startup growth. "Policies must be designed strictly according to the actual needs of the country and the people of the country," asserted Shri Modi.

Illustrating the impact of dismantling shackles, the Prime Minister celebrated the explosive growth of India's drone industry across agriculture, defense, and content creation, which was entirely impossible under previous restrictive regulations. "We fully freed drone-flying from shackles, and today India's drone industry is taking an unprecedented flight," noted Shri Modi.

The Prime Minister championed a paradigm shift viewing border infrastructure as a massive strategic strength rather than a vulnerability. He proudly noted that the Border Roads Organisation (BRO) dedicated 250 infrastructure projects to the nation in 2024 and 2025 alone. "When the defensive thinking fundamentally changed, the entire picture of border infrastructure actively changed as well," affirmed Shri Modi.

Highlighting groundbreaking structural reforms in highly restricted sectors, the Prime Minister pointed to the Shanti Bill, which successfully opened nuclear energy to the private sector, and the historic restructuring of over 40 ordnance factories into 7 modern corporate entities. He credited these bold moves for supercharging the nation's self-reliance and boosting defense exports 55 times compared to 2014. "Today India is actively becoming self-reliant for its defense needs too, and our defense export has massively increased," observed Shri Modi.

Reflecting on the seamless integration of Ease of Living reforms into daily routines, the Prime Minister noted how digital advancements, from ordering groceries and scanning QR codes to instant peer-to-peer money transfers, have become an unremarkable yet revolutionary part of ordinary Indian life."These incredible things are remarkable, but they are now just a highly efficient part of the life of the common man of India," remarked Shri Modi.

The Prime Minister emphasized that the transformative changes experienced by the Indian middle class remain a distant dream even in many developed nations. "Because of the reforms India has made, the life of the people that has completely changed is still a distant dream in many developed countries today," asserted Shri Modi.

Detailing the foundational pillars of India's digital revolution, the Prime Minister highlighted the nation's status as having the world's cheapest data and fastest 5G rollouts. He praised the integration of Aadhaar with mobile and banking services for enabling seamless e-KYC and digital authentication, revolutionizing everything from opening bank accounts to filing income tax returns."Today if you have to open a bank account, the government has literally brought the bank itself directly to you," affirmed Shri Modi.

Showcasing the massive impact of telemedicine, the Prime Minister celebrated the e-Sanjeevani platform for facilitating nearly 50 crore tele-consultations, successfully bringing critical healthcare directly to the screens of patients who previously traveled vast distances."Today the doctor is highly accessible and available right at their home, directly on their screen," noted Shri Modi.

Praising the modernization of the national travel experience, the Prime Minister highlighted the widespread adoption of Digi Yatra at airports and the implementation of Fast Tags on highways, ensuring seamless, non-stop transit."Time is being massively saved, life is becoming significantly easier, and crores of people are able to securely focus on their progress," observed Shri Modi.

The Prime Minister asserted that true national transformation requires decisions grounded in long-term impact rather than immediate electoral gains."Decisions that fundamentally change the country are those whose impact is clearly seen on the ground, taken keeping both the present and the future firmly in mind," asserted Shri Modi.

Illustrating this sustainable approach, the Prime Minister highlighted the PM Kusum Yojana and the PM Surya Ghar Muft Bijli Yojana, which provide massive long-term benefits to farmers and the middle class. He noted that while simply declaring free electricity would have generated massive headlines, the government chose the empowering route of subsidizing rooftop solar plants for over 50 lakh families." We are decisively determined to have a sun on every roof of every house to provide massive, sustainable energy," affirmed Shri Modi.

Detailing the profound socio-economic impact of the Surya Ghar scheme, the Prime Minister explained how families are not only eliminating their electricity bills but also generating income by selling surplus power to the grid, enabling them to afford modern appliances and ensuring children sleep peacefully without power cuts. "Whether there are elections or not, this Surya Ghar and its light will permanently remain to benefit the families of the country for years," remarked Shri Modi.

Promising the continuous expansion of Ease of Living and Ease of Doing Business for the youth, women, farmers, and the middle class, the Prime Minister assured that the administration's Reform Express will aggressively accelerate its journey to achieve a Viksit Bharat. Highlighting the profound global impact of domestic strength, he expressed deep confidence that securing the nation's trajectory will inherently bring immense stability to the international community, before concluding his address with heartfelt gratitude to the event organizers. "The more stable India is and the more secure its future, the more the power to give the world a sense of security will be generated from right here," asserted Shri Modi.