Modi links India's economic reforms to international cooperation

Narendra Modi told the Bloomberg forum in New Delhi that India's development should create opportunities for other countries.

The prime minister addressed the Bloomberg New Economy Forum on October 13. He outlined an approach in which economic and technological strength expands partners' capabilities, urging closer dialogue and cooperation.

Modi cited 7.8% economic growth in the April-June quarter of the current financial year, a current account deficit of 0.61% and foreign exchange reserves exceeding 700 billion dollars. The figures appeared in his address, published by the prime minister's office.

He described reforms as a matter of government conviction. His examples included the goods and services tax, insolvency legislation, simplified labour regulation and the decriminalisation of minor business-related offences.

Modi also referred to vaccine supplies to other countries during the pandemic and discussions about using artificial intelligence for animal welfare. He used those examples to explain how India's domestic capabilities could benefit countries beyond its borders.