English rendering of PM’s address at the Bloomberg New Economy Forum in New Delhi

Namaskar!

Excellencies, delegates from around the world, leaders from business and industry, policymakers, and my friends.

A very warm welcome to all of you to India. A short while ago, Mr. Bloomberg shared his thoughts here. Reflecting on his 30-year journey, he mentioned that I am his friend. He is senior to me in age and is a highly successful person in his professional field. He is not only successful but also deeply committed. The affection he has for India is something I have experienced very closely, and therefore, on a personal level, I have always respected and admired him. Even today, his affection for India and his sentiments towards India on global platforms have consistently been a source of very positive energy. For that, sir, I express my heartfelt gratitude. Every year, this Forum brings together some of the finest minds in the world. Discussions here take place on the economy, technology, energy, and global affairs. And this time, for the very first time, the event is being held in India. I warmly congratulate Mr. Bloomberg and his entire team for this decision. You have chosen the right place at the right time.

Friends,

This year's Bloomberg Economic Forum is focused on the new powers emerging around the world. Every era has had its own sources of power and its own definition of power. But in the 21st century, especially in this third decade, a major transformation is taking place. Today, Technology is Power, Data is Power, Knowledge is Power, Innovation is Power.

But friends,

The real question is not who possesses power. Rather, the question is how that power is being used. Will technology advance only a few people? Or will it create new opportunities for millions? Will knowledge remain the strength of only a select few? Or will it enhance everyone's capabilities? It is from here that a new idea emerges. And that idea is: Power to Empower. Power to Empower. Beyond Power to Control lies Power to Enable. Beyond Power to Compete lies Power to Collaborate. Beyond Power to Succeed lies Power to Help Others Succeed. And therefore, the vision with which I have come here today is: Power to Empower.

Friends,

This idea is not new to India. In our tradition, it is said: "Vidya Vivadaya Dhanam Madaya, Shaktih Paresham Paripidanaya; Khalasya Sadhoh Viparitam Etat, Jnanaya Danaya Cha Rakshanaya." Its essence is that whoever possesses knowledge, wealth, or power, what matters is how they use it. In other words, the true value of power lies in its purpose. And it is very important to understand this philosophy in today's world.

Friends,

This human spirit of Power to Empower is not merely a lesson meant to be preached to others. It is something that our traditions have taught us over thousands of years. And in India, we have demonstrated this by incorporating it into our governance and our work culture. Therefore, I will continue my remarks through examples from India itself.

Friends,

As all of you know, India is the Mother of Democracy. India has more than one hundred languages, nearly eighty thousand registered newspapers and publications, and more than one thousand satellite television channels. And not only that, in this age of social media, India has more than five hundred million YouTube users and more than five hundred million Instagram users. In our country, people openly debate different issues, and citizens discuss diverse viewpoints. In the present era, one factor that has played a major role in enabling this is digital power.

Friends,

Until about twelve or thirteen years ago, there was a time in India when access to mobile phones and the internet itself was a form of power. Whoever had access also had information, knowledge, and opportunities. After 2014, when a new government came to power in India and we were given the opportunity to serve, India placed great emphasis on making mobile data affordable. As a result, today a student in a small town can access digital learning. A small shopkeeper in a village can reach new customers. A young person can enroll in online courses. In other words, connectivity in India has not merely connected people; it has connected opportunities as well. This, indeed, is Power to Empower.

Friends,

To those guests who have come from abroad, I would encourage you to experience India's digital payments ecosystem. In our country, a street vendor and a large car showroom may operate at completely different scales, but both use the same digital payments ecosystem. This is the strength of inclusive technology.

Friends,

Whatever capabilities India possesses, we do not believe in keeping them confined within our own borders. We continuously share them with the Global South and with our partner countries. We are sharing our experience in Digital Public Infrastructure with other nations so that they can develop digital systems according to their own needs. During the COVID period, we also developed the CoWIN platform, which was open source. In other words, our constant effort has been to ensure that India's capabilities open new doors of possibility for other countries as well. In other words, our strength should empower humanity.

Friends,

The power of innovation works in the same way. Transforming an idea into a product, and turning a problem into a solution, is in itself a tremendous capability. But when such opportunities reach a larger number of people in society, the balance of power becomes more equitable and its impact multiplies many times over. India's startup journey is an example of this transformation. Before 2014, India had only a few hundred startups. Today, the country has more than 250,000 startups. Nearly half of these startups come from small cities and towns. More than forty-five percent of startups have at least one woman Director or Partner. In other words, opportunities for innovation are reaching more people, new talent is emerging, and new solutions are being created.

Friends,

This focus on the purpose of power is equally important in governance. The government possesses authority, but its purpose should not be to make citizens dependent on the system. Rather, its objective should be to ensure that citizens become capable and empowered. India is moving along this very path. Following this path, India has lifted 250 million people out of poverty over the past decade, a number greater than the population of many countries in the world.

Friends,

You may also have heard about the JAM Trinity and Direct Benefit Transfer. By using technology, we have created a system through which government assistance reaches beneficiaries directly in their bank accounts. This has reduced corruption, increased convenience for citizens, and established a direct pathway between the government and the people.

Friends,

This same philosophy of Power to Empower is visible in India's global engagement. During the COVID pandemic, vaccine manufacturing capacity became extremely important. The question at that time was whether the benefits of this capability would remain limited to only a few countries, or whether vaccines would also reach those nations and people who lacked such facilities and capabilities. India chose the path of empowering humanity. We supplied vaccines to more than one hundred countries. Our manufacturing capability became a source of assistance for other nations as well. Let me give you another interesting example. A few months ago, India hosted the AI Impact Summit, and Mr. Bloomberg has just spoken very highly of that summit. There, we discussed not only the use of AI for humanity, but also how animals could benefit from AI. Nandan, who is seated here, can later share much more information about how this was done. In other words, the more capable and stronger India becomes, the more beneficial it will be for humanity and for the world.

Friends,

Power is not just the ability to move ahead. It is also the ability to empower others to move ahead. India believes that competition is important, but compassion is equally important. Innovation is essential, but its benefits must also be widely shared. National strength is necessary, but we must also contribute solutions to global challenges. Whether it is climate change, water governance, public health, or the responsible use of emerging technologies, the world needs capabilities that provide solutions and create new opportunities.

Friends,

Let me give you another example. Under the Paris Agreement, India made a major commitment to address climate change. In 2015, we set ourselves the target of achieving 40 percent of our installed electricity capacity from non-fossil fuel sources by 2030. India achieved this milestone in November 2021 itself, nine years ahead of schedule. India became the first G20 nation to do so. This was not merely about fulfilling a commitment; it was also a reflection of India's evolving energy journey.