Highlighting India’s democratic and digital landscape, Modi said the country is the “mother of democracy” and has more than 100 languages, around 80,000 registered newspapers and publications, and more than 1,000 satellite television channels. He also referred to India’s extensive digital reach, stating that the country has more than 500 crore YouTube consumers in the social media era and a vast consumer base of over 500 million.
Modi said collective discussions take place across different religious institutions and sects in India, adding that digital power has played a significant role in facilitating these interactions.
PM Modi Invites Global Delegates to Experience India’s Digital Payment Ecosystem
Addressing international guests at the Bloomberg New Economy Forum, Modi invited them to experience India’s digital payment ecosystem firsthand. He explained that street vendors and car showrooms operate at different business scales but use the same digital payment platform in India, demonstrating the strength of inclusive technology.
Modi said the Bloomberg New Economy Forum brings some of the world’s finest thinkers together every year. He congratulated Bloomberg and its team on organising the event in India for the first time.
PM Modi Stresses Responsible Use of Knowledge, Wealth and Power
The Prime Minister emphasised that how individuals and institutions possessing knowledge, wealth and power use these resources is critically important. He said the true value of power lies in its proper application and noted that India’s thousands-of-years-old traditions also teach this principle.
He added that the country has attempted to incorporate this philosophy into its governance and working methods.
According to Modi, the central question today is not who possesses power, but how that power is used. If the benefits of technology remain restricted to a small section of society, its purpose remains unfulfilled. Technology should instead create new opportunities for millions of people and enhance their capabilities.
Modi said technology, data, knowledge and innovation have emerged as major sources of power. Their use must now focus on improving the lives of ordinary people and expanding capabilities across society.
He questioned whether technology advances only a select few or also creates opportunities for millions. Similarly, he said knowledge should not remain confined to a limited group but should help strengthen the capabilities of a wider population.
India Lifted 25 Crore People Out of Poverty in 10 Years, Says PM Modi
Modi said the government has authority, but its purpose should not be to make citizens dependent on the system. Instead, governance should empower people, strengthen their capabilities and enable them to become more self-reliant. He said India is moving along this path.
As a result of this approach, India has lifted 25 crore people out of poverty over the past 10 years, Modi said, adding that this number exceeds the populations of many countries.
His address at the Bloomberg New Economy Forum highlighted India’s economic standing, democratic diversity and digital infrastructure while emphasising that the benefits of technology, knowledge and governance should extend beyond a select few to create opportunities for millions.
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