Prime Minister Narendra Modi has said that India has made a conscious effort since 2014 to ensure it does not “miss the bus” on key opportunities in technology and industry — a mistake he claimed was repeatedly made by past governments.
Speaking at the ET World Leaders Forum, the Prime Minister contrasted his government’s approach with that of previous administrations, which, according to him, were limited by “vote-bank politics” and short-term election thinking.
“In our country, under previous governments, many buses of technology and industry left us behind,” Modi said. “They assumed advanced technology would always come from developed nations and that India could simply import it. Because of this mindset, we remained dependent on foreign players for years.”
Missed Opportunities in Technology
Citing examples, Modi pointed to the early days of the internet revolution and the 2G telecom era, where India, he said, failed to build domestic capabilities. “For 2G, 3G, and even 4G, we relied heavily on foreign players. How long could this continue?” he remarked.
He added that after 2014, India changed its approach: “We decided we will not miss any bus. Instead, we will take the driver’s seat and move forward.”
Strong Economic Fundamentals
Modi also highlighted India’s economic recovery after Covid-19, stressing that the country has maintained strong fundamentals despite the pandemic’s global disruptions.
He noted that:
- The fiscal deficit is expected to fall to 4.4%
- The banking system has strengthened
- Inflation remains low
- Interest rates are easing
- The current account deficit is under control
“These indicators show the strength of India’s economy and the confidence with which we are moving forward,” he said.
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