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Prime Minister Narendra Modi said the Union Budget and recent global trade agreements have created a strong foundation for India's long-term development goals. He highlighted improved investor confidence, expanded free trade agreements with 38 countries, and a shift towards productive capital spending. Emphasising structural reforms, innovation, and simpler governance, he urged the private sector to invest more actively in research and technology. Modi also pointed to defence preparedness and digital infrastructure as key priorities, ahead of the Global AI Impact Summit in New Delhi.
Prime Minister Narendra Modi said the latest Union Budget and a series of global trade agreements have laid a strong base for India's long-term development goals, while urging the private sector to step up investment with greater confidence and scale. He said the focus is on building a developed India through sustained reforms, innovation, and stable governance rather than short-term measures. Advertisement
The Prime Minister said investor confidence has improved due to political stability and policy predictability, allowing India to negotiate free trade agreements from a position of strength. He noted that stronger performance across manufacturing, services, and MSMEs has supported trade pacts with 38 countries, calling it an unprecedented expansion of India's global trade footprint.
He contrasted this with earlier administrations, stating that limited progress on trade agreements in the past had constrained India's global economic integration. He added that women will play a central role in shaping India's growth story in the coming decades.
Outlining priorities for the next 30 years, Modi pointed to deeper structural reforms, stronger innovation across technology, manufacturing and services, and simpler governance systems that improve trust and ease of doing business. He said progress under the reform agenda has been substantial, though continuous improvement remains essential.
Addressing the nature of the current Budget, Modi said it reflects long-term planning rather than a reactive approach. He explained that recent budgets have followed a consistent strategy with clear implementation pathways, aligned with national goals and executed step by step. According to him, the Budget signals readiness built through preparation rather than urgency driven by compulsion.
He said the government has worked to address structural gaps left by previous administrations, pursued bold reforms, and invested heavily in productive expenditure. The Budget, he added, avoided short-term populism and instead prioritised capital spending on infrastructure to support employment and sustainable growth.
India has recently concluded major trade agreements with the European Union and the United Kingdom, securing tariff reductions and wider market access. It has also reached an understanding with the United States to ease tariff-related frictions and deepen trade engagement. These moves are expected to strengthen Indian exporters access to advanced markets and integrate India more closely into global supply chains.
Modi said the Budget aims to strengthen the manufacturing ecosystem, expand value addition, and bring skills and scale together, which he said would support self-reliance and job creation. He added that the next phase of growth towards 2047 will depend on how Indian enterprises invest in innovation, build long-term capacity, and compete globally on quality and productivity.
He called on the private sector to increase spending on research and development, adopt advanced technologies, and deepen supply chains. He said policy can create an enabling framework, but long-term competitiveness must come from efficiency, innovation, and scale. He also stressed that productivity gains should be shared fairly to ensure social legitimacy, higher real wages, skill development, and stable employment.
On defence spending, Modi said the impact of reforms over the past decade has strengthened preparedness and highlighted the need for constant readiness to address security challenges. He also spoke about new Budget incentives for data centres, positioning India as a global hub for digital infrastructure and artificial intelligence.
His remarks came ahead of the Global AI Impact Summit, scheduled from February 16 to 20 in New Delhi. The summit will bring together global leaders including Emmanuel Macron and Luiz Incio Lula da Silva, along with representatives from over 60 countries.
Source PTI
FAQ
1. What did Prime Minister Modi say about India's long-term growth outlook?
Narendra Modi said that the Union Budget and recent global trade agreements have created a strong foundation for India's long-term development. He emphasised that the government's approach is focused on sustained reforms, innovation, and stable governance rather than short-term policy measures, with the objective of building a developed India over the coming decades.
2. How have trade agreements contributed to India's economic position?
The Prime Minister said improved investor confidence and policy predictability have allowed India to negotiate trade agreements from a position of strength. He noted that India has expanded free trade agreements to cover 38 countries, reflecting stronger performance across manufacturing, services, and MSMEs and marking a significant widening of India's global trade engagement.
3. What was highlighted about the Union Budget's approach?
Modi said the Budget reflects long-term planning and consistent execution rather than a reactive or populist approach. He explained that recent budgets have followed a clear strategy aligned with national development goals, focusing on preparation and steady implementation instead of short-term responses driven by urgency.
4. Which recent international trade engagements did Modi refer to?
India has concluded major trade agreements with the European Union and the United Kingdom, securing wider market access and tariff reductions. The Prime Minister also referred to an understanding with the United States to ease tariff-related issues and strengthen overall trade relations, supporting Indian exporters and global supply chain integration.
5. What role did Modi outline for the private sector?
The Prime Minister urged the private sector to increase investment in research and development, adopt advanced technologies, and strengthen supply chains. He said while government policy can provide an enabling environment, long-term competitiveness will depend on efficiency, innovation, scale, and productivity improvements that translate into better wages, skills, and employment stability.
6. What other priorities did the Prime Minister highlight?
Modi pointed to defence preparedness, saying reforms over the past decade have strengthened India's readiness and require continuous attention. He also highlighted Budget incentives for data centres to position India as a global digital infrastructure hub. His remarks came ahead of the Global AI Impact Summit, to be held in New Delhi from February 16 to 20, with participation from leaders of over 60 countries.
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