PM Modi Says Corruption Has Declined, 25 Crore People Lifted Out Of Poverty

Prime Minister Narendra Modi on Tuesday said corruption has declined in India and 25 crore people have been lifted out of poverty. Addressing the Bloomberg New Economy Forum in New Delhi, he said the event brings together some of the world’s leading minds to discuss major economic and geopolitical challenges.

The forum is being hosted in India for the first time. The three-day event will conclude on October 15, with this year’s theme being ‘Securing New Sources of Power in a Changing World’.

“I congratulate Bloomberg and the entire team for this,” Modi said, welcoming the forum’s first edition in India.

Global Leaders, Business Executives To Attend Forum

Several prominent international figures are expected to participate in discussions on the global economy, investment, technology and shifting international economic dynamics.

Those expected to attend include Bloomberg founder Michael Bloomberg, former British prime minister Rishi Sunak, former Italian prime minister and former European Central Bank president Mario Draghi, former US commerce secretary Gina Raimondo, Moderna co-founder Noubar Afeyan, Cisco CEO Chuck Robbins, Blackstone chairman Jonathan Gray and US Federal Reserve Governor Christopher Waller.

PM Modi Highlights Direct Benefit Transfers, Vaccine Supplies

Speaking about India’s governance and technology-led initiatives, Modi said technology had enabled the government to transfer money directly into citizens’ bank accounts, establishing a direct link between the government and the public.

He also highlighted India’s role in vaccine manufacturing during the Covid-19 pandemic, saying the country had supplied vaccines to more than 100 countries.

“Whoever possesses knowledge, wealth, and power, how they use it is crucial. The true value of power lies in its purpose,” the prime minister said, adding that India’s traditions had shaped its approach to governance and work culture.

Modi said the country’s experience demonstrated how resources, technology and influence could be used to serve people and address wider challenges.

‘21st Century Has Brought Global Challenges’

The prime minister also pointed to the growing economic and geopolitical uncertainties facing the world.

“This decade of the 21st century has brought global challenges like never before,” Modi said, referring to the Covid-19 pandemic and conflicts in different regions over the past six years.

He warned that systems once responsible for connecting countries were increasingly being used as instruments of pressure and dominance.

“Supply chains, energy, minerals, payments, technology are becoming instruments of pressure and dominance,” he said.

Modi added that one of the major questions facing the global economy was whether countries could trust that essential supplies would remain available when needed.

He said India was approaching these challenges with a different outlook, highlighting the country’s role in discussions on global economic resilience, technology and international cooperation.