Narendra Modi Outlines Regulatory Shift at World Leaders Forum

Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum in New Delhi, asserting that India serves as a bright spot of growth and hope amid global instability. He detailed a fundamental shift in the state's regulatory philosophy, moving from a model of prohibited unless permitted to one of permitted unless prohibited. To support this transition toward trust between the government and citizens, Modi noted the repeal of 1,500 archaic laws and the removal of 40,000 compliances.

Modi contrasted his administration's Production-Linked Incentive (PLI) schemes, which he claimed generated 2.5 lakh crore rupees in investment and 1.4 million jobs, with previous governments' policies that he characterized as production-linked punishment. He advocated for political decisions based on long-term national interests over short-term electoral gains, citing the PM Surya Ghar Muft Bijli Yojana as a success that provided over 22,000 crore rupees to more than 50 lakh families for rooftop solar installations.

Referencing International Monetary Fund forecasts that India will remain the world's fastest-growing major economy, Modi outlined a roadmap for a developed India guided by seven key streams, including manufacturing, technology, and the green and blue economy. He concluded that India's political stability and economic growth are essential for global stability, emphasizing that the futures of all nations are interconnected.