Prime Minister Narendra Modi adderessing the Bloomberg New Economy Forum (Img: IANS)
New Delhi: Prime Minister Narendra Modi on Tuesday highlighted India’s economic potential and the role of technology in expanding opportunities, following the International Monetary Fund’s (IMF) decision to raise its growth forecast for India to 7% for 2026–27.
Addressing the Bloomberg New Economy Forum in New Delhi, Modi said technology, data, knowledge and innovation had become key sources of power in the 21st century. He emphasised that the real question was not who possessed power, but how it was used to benefit people.
The Prime Minister’s remarks came as the IMF upgraded India’s growth projection from 6.4% in July, citing resilient domestic demand and strong services activity. The Fund also raised its forecast for 2027–28 to 7%, from 6.7%.
Modi called for a shift from using power to control others towards using it to enable people and create opportunities. He questioned whether technological progress would benefit only a select few or open new possibilities for millions.
He also highlighted India’s digital public infrastructure and its efforts to share technological capabilities with other countries. Referring to the COVID-19 pandemic, Modi cited the CoWIN platform as an example of India’s digital systems being made available for wider use.
According to the Prime Minister, India’s approach to technology and governance is centred on expanding access and enabling people to participate in economic progress.
The IMF’s October World Economic Outlook update projects India’s economy to grow by 7% in both 2026–27 and 2027–28. The Fund cited stronger-than-expected momentum, favourable demographic trends, a large domestic market and continued structural reforms.
The revised estimate puts India among the fastest-growing major economies. The Reserve Bank of India has separately projected growth of 7.1% for the current financial year.
However, the IMF cautioned that global economic risks remain significant. Higher energy prices, geopolitical tensions and uncertainty over the sustainability of artificial intelligence investment could weigh on the outlook.
Modi also pointed to India’s expanding startup ecosystem and digital capabilities as examples of how innovation can create opportunities. He said India’s technological experience could help other countries develop digital systems suited to their own requirements.
The IMF’s upgraded forecast provides a positive assessment of India’s economic momentum, while Modi’s remarks placed the emphasis on ensuring that growth and technological progress translate into wider public benefit.
