New Delhi – Prime Minister Narendra Modi on Sunday stated that the private sector is crucial for India’s next stage of economic growth, emphasizing the need for increased investment in innovation and capacity building to achieve the “Viksit Bharat” (Developed India) vision. He also criticized the economic record of the previous United Progressive Alliance (UPA) government.
PM Modi on Private Sector’s Role
Modi highlighted the importance of policy continuity and decisive governance in driving large-scale progress, noting that reforms have been a core commitment of his administration. He called for a “decisive response” from the private sector, adding that as productivity rises, private sector owners must share gains fairly with workers.
The Prime Minister stressed that the next leap towards a developed India will depend on bold investment by the private sector in innovation, long-term capacity, and global competitiveness. He urged the private sector to focus less on protecting margins and instead invest aggressively in research and development, supply chains, and quality.
Focus on Infrastructure and Technology
Modi stated that India is witnessing the most expansive infrastructure push in its history, built with future readiness in mind. He also noted the government’s commitment to modernizing the defense sector in line with current realities and will provide full support to the country’s armed forces.
Regarding technology, Modi said India is a digital leader, made possible by fundamental reforms in how people transact via the UPI platform. He added that the country is laying the foundation for a thriving artificial intelligence (AI) ecosystem by expanding computing power and data center infrastructure capacity. He also invited the world to store data in India, predicting data centers will be a massive job creator for the nation’s youth.
Trade and Political Stability
The Prime Minister explained that free trade agreements (FTAs) are designed to expand market access for Micro, Small and Medium Enterprises (MSMEs) in sectors like textiles, leather, chemicals, handicrafts, gems, and others.
Modi also emphasized that political stability and predictability have restored investor confidence in India. He contrasted this with the UPA era, stating that talks would often begin and then breakdown, achieving little substance despite lengthy negotiations.
He concluded by stating that the welfare of women guides every decision his government makes, and he believes they will play the most important role in creating a developed India.
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