February 13, 2025
Prime Minister Narendra Modi addressed global CEOs in Paris, emphasising India's reforms in ease of doing business, regulatory simplifications, and economic governance
He highlighted India's role as a global hub for diversification and de-risking, citing the aviation sector's expansion and the National Manufacturing Mission
The Union Budget 2025-26 introduced measures to reduce compliance burdens, including the Export Promotion Mission and BharatTradeNet, alongside customs duty reforms for critical industries
Modi stressed the need for open-source AI models free from biases and emphasised India's efforts to develop AI solutions that reflect the country's diverse cultural and linguistic landscape
Prime Minister Narendra Modi, speaking at the India-France CEO Forum in Paris, underscored India’s sweeping economic reforms and investment opportunities across multiple sectors, from defence and aerospace to AI and advanced manufacturing. He positioned India as the ideal destination for global businesses, citing large-scale initiatives such as the National Manufacturing Mission, the recent rationalisation of over 40,000 compliances, and regulatory reforms to foster a trust-based economic environment.
Modi pointed to India’s aviation sector as a prime example of the country’s economic momentum, referencing recent bulk aircraft orders by Indian airlines and plans to open 120 new airports. He invited global businesses to explore opportunities in key industries, including fintech, pharma, infrastructure, textiles, agriculture, and space technology, as India progresses towards its goal of becoming a developed nation by 2047.
As part of the Union Budget 2025-26, the government announced measures to reduce compliance burdens for businesses and individuals. The newly introduced Export Promotion Mission and BharatTradeNet aim to enhance exporters’ logistics efficiency. Additionally, customs duty reforms were outlined to facilitate the production of critical materials, including those required for electric vehicles. The insurance sector was also opened to 100% foreign direct investment.
Later, at the AI Action Summit co-chaired with French President Emmanuel Macron, Modi reinforced India’s commitment to AI-driven economic growth, social transformation, and sustainable development. He highlighted India’s efforts to develop open-source AI models that avoid biases and better reflect India’s cultural and linguistic diversity. This follows concerns that existing AI models underrepresent Indian languages and nuances, leading to inconsistencies in responses related to global leaders.
Addressing AI’s high energy demands, Modi called for sustainable solutions, including energy-efficient AI models. This aligned with Macron’s assertion that France, backed by nuclear energy, is well-positioned to support energy-intensive AI developments. Modi also expressed India’s willingness to host the next AI summit.
The discussion on AI’s economic impact extended to concerns about job displacement. While previous reports, including India’s Economic Survey, warned that AI could disrupt lower-skilled jobs, Modi emphasised that technology shifts job roles rather than eliminating work altogether. He stressed the need for continuous skilling and reskilling to prepare India’s workforce for AI-driven transformation.
Source: Indian Express