New Delhi witnessed a momentous declaration from Prime Minister Narendra Modi at the ET Now Global Business Summit-2026. He revealed that India’s contribution to global economic growth has surged to an impressive 16 percent, with expectations of even greater influence in the coming years.
Modi emphasized India’s transformation from a mere market to a powerhouse ‘growth engine’ propelling worldwide progress. ‘India is no longer just a market; it has become the growth engine accelerating the world’s advancement,’ he stated confidently.
Reflecting on the past decade, the Prime Minister highlighted how it fortified India’s economic stature and democratic foundations. A decade ago, India ranked as the 11th largest economy globally. Today, it is charging towards becoming the third largest, a testament to sustained reforms and strategic vision.
Modi drew parallels to post-World War II global shifts, noting that the established world order is crumbling after seven decades. New frameworks are emerging, with India at the forefront, poised to be the epicenter of this century’s major transformations.
Contrasting past governments’ crisis-driven reforms—like those in 1991 amid near-bankruptcy or post-2008 Mumbai attacks—the current administration implements changes proactively with unwavering resolve. Recent free trade agreements with 38 countries underscore India’s robust manufacturing base, ready to compete on the world stage.
The Prime Minister lauded landmark initiatives like UPI, which has revolutionized financial inclusion. Far beyond a mobile app, UPI represents a fusion of solid policy, streamlined processes, and cutting-edge technology, bringing banking to the unbanked masses. Digital India and similar programs stem from conviction, not compulsion, positioning India as a 21st-century reform leader.