India contributes 16 percent to global growth, share to rise further: PM Modi
New Delhi (The Uttam Hindu): Prime Minister Narendra Modi said on Friday that India’s contribution to global economic growth has increased to 16 percent and is expected to rise further in the coming years.
Addressing the ET Now Global Business Summit 2026, the Prime Minister said that India is no longer just a market, but has emerged as a global “growth engine” driving worldwide progress.
He stated that the last decade has been important for India not only economically but also for strengthening its democratic foundations. About ten years ago, India was the world’s 11th largest economy, but today it is steadily moving toward becoming the third-largest economy.
PM Modi said that the world order formed after the Second World War is now breaking after seven decades, and new systems are taking shape. India, he added, is leading this global transition and will become the central pillar of major global changes in this century.
Highlighting the approach to reforms, the Prime Minister said that earlier governments carried out reforms only under compulsion. He cited the 1991 economic reforms, which were introduced when the country was close to bankruptcy, and reforms after the 2008 Mumbai attacks and major power grid failures. In contrast, he said the present government is implementing reforms proactively, with confidence and clarity, based on future needs.
Speaking on Free Trade Agreements (FTAs), PM Modi said that over the last 11 years, India has built a strong manufacturing base and is now capable of competing globally. This strength, he said, has enabled India to sign FTAs with 38 countries.
He added that India is moving rapidly on the path of reforms in the 21st century and the government remains firm in its reform agenda. Referring to digital transformation, he said that UPI is not just a mobile application but the result of strong policy, efficient processes, and advanced technology. It has brought financial services to millions who had never accessed banking earlier, marking a major step toward financial inclusion. Digital India and related systems, he said, were built out of conviction, not compulsion.