India will not grow at anyone's cost, will grow with world: PM Modi

Prime Minister Narendra Modi on Tuesday said India does not seek to grow at the expense of other countries but wants to grow alongside the world, pitching the country as a reliable partner at a time when trade and technology are increasingly being used as instruments of geopolitical pressure.

Addressing the Bloomberg New Economy Forum, PM Modi said the world was facing repeated disruptions as supply chains, critical minerals, energy, payment systems and technology are increasingly becoming tools of pressure and dominance.

"Things that once connected the world are now being turned into weapons," he said. “The routes created by globalisation over past decades have, in many cases, become chokepoints.”

Against this backdrop, India offered reliability and stability, he said, highlighting the country's economic growth, foreign exchange reserves and reforms.

"We do not grow at anyone's cost. We grow with the world, and for the world," Modi said.

He said India was advancing a model in which technology, innovation and economic strength should empower others rather than remain instruments of control or competition.

The Prime Minister cited India's role in supplying affordable medicines, developing digital public infrastructure and providing skilled talent to global businesses as examples of how the country's capabilities could benefit other nations.

One out of every five generic medicines used globally comes from India and the country hosts more than 2,000 global capability centres serving companies worldwide, he said.

PM Modi also cited India's experience in digital payments, digital identity and vaccine manufacturing, saying the country had shared its capabilities with other nations, including during the Covid pandemic when it supplied vaccines to more than 100 countries.

He said India had lifted 250 million people out of poverty over the past decade and expanded opportunities through affordable internet access, digital payments and a growing startup ecosystem.

India now has more than 250,000 startups, nearly half of which are based in small cities and towns, he said.

The Prime Minister also highlighted India's energy transition, saying renewable energy capacity had risen from around 75 gigawatts in 2014 to approximately 300 gigawatts.

On the economic front, Modi said India recorded growth of 7.8% in the April-June quarter, while its current account deficit declined to 0.61% of GDP last year.

He also cited reforms such as the Goods and Services Tax, the Insolvency and Bankruptcy Code and the consolidation of 29 labour laws into four labour codes.

Modi said the country was pursuing reforms out of conviction rather than compulsion.

"Power is not just the ability to move ahead. It is also the ability to empower others to move ahead," he said.

He said India's growth and capabilities should contribute to addressing global challenges rather than serving only its own interests.

The Bloomberg New Economy Forum is being held in India for the first time.