Overview
- Prime Minister Narendra Modi delivered the address at the Economic Times World Leaders Forum on Friday, using the speech to present India as a “bright spot of growth and hope” to international and domestic audiences.
- He said the government is changing its regulatory philosophy from a model that requires permission for most activities to one that allows activity unless a law forbids it, framing the change as restoring trust between the state, citizens and businesses.
- Modi contrasted what he called the old 'Production Linked Punishment' approach with today’s Production Linked Incentive (PLI) schemes, saying PLIs reward higher output and have driven investment, jobs and exports.
- The prime minister pointed to recent governance steps as evidence of reform, including cheaper mobile data, transport and border infrastructure improvements, and the passage of the Bankers’ Books Evidence Bill during the Monsoon Session of Parliament.
- The speech builds on a multi-year reform agenda such as Make in India and earlier PLI rounds and is meant to signal policy stability to investors; the likely effects to watch are faster capital inflows into manufacturing and continued easing of business compliance rules.