PM Narendra Modi interview highlights: From G20 presidency to India as a manufacturing destination, PM lays out his expansive vision for the country

Prime Minister Narendra Modi spoke about a range of issues including India’s G20 presidency, regulation of cryptocurrencies, the growth of the Indian economy, India as a manufacturing destination, and the inclusion of the African Union as a permanent member of the G20 grouping, in an interview with Business Today. 

In the interview with Business Today editors Rahul Kanwal, Sourav Majumdar and Siddharth Zarabi, PM Modi laid down the areas of focus for the G20 grouping under India’s presidency. He said that there should be focus on human-centric development, and that G20 is reflecting the voice of the Global South. He spoke about how to best fight climate change and how to adopt technology and enhance digital public infrastructure.

Here are the highlights of PM Modi’s exclusive interview with Business Today:

1. Talking about G20 countries. PM Modi said that there has been a shift from old positions to new perspectives. “The G20 countries also felt that just talking about billions and trillions doesn’t create impact and there should be focus on human-centric development. My experience is that discussions have been going on these lines during our G20 presidency. In so many meetings and discussions, we have seen a shift from old positions, giving way to new perspectives,” he said.

2. The G20 group is perceived as a ray of hope by the world. PM Modi said, “The work that has happened and the outcomes expected are all futuristic. This G20 is reflecting the voice and concerns of the Global South.”

3. While fighting climate change, humans have to accept that they are at the root of the problem, said PM Modi. While there are some nuances, like some more responsible than others, it is imperative to accept the reality of human impact on the planet. “The day we accept it fully, the issue will not appear as a challenge or a problem. We will automatically look at solutions, be it through technology, be it through lifestyle, etc,” said the prime minister. 

4. When it comes to change, true transformation comes only from mass movements and people’s participation, said the PM. Results will be more broad-based only when every individual realises that he or she can make a direct difference to the welfare of the planet. 

5. On debt restructuring, PM Modi said that under India’s presidency there was a significant boost to debt restructuring through the Common Framework. While Chad was the only country to undergo debt restructuring before India’s lead, Zambia, Ethiopia and Ghana have now made notable advancements. G20 forums also facilitated the debt restructuring coordination for Sri Lanka with a committee co-chaired by India, Japan and France, he said.

6. Talking about regulations of cryptocurrencies, PM Modi said, “The rapid pace of change of technology is a reality – there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation and a unified approach. At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries.”

7. There has been a realisation after COVID-19 that multilateral development banks (MDBs) need to integrate global challenges such as climate change and pandemics, said PM Modi. “This would need a reform in the existing frameworks of functions of MDBs and expansion of their existing financial resources. This is a felt need across the entire Global South,” he said. 

8. The fact that 46 per cent of global digital payments transactions are now in India is a shining example of India’s success in policies. There has been a global acknowledgement of that success, he said, adding that there is a lot of interest globally in India’s use of digital public infrastructure. 

9. PM Modi spoke about disruptive innovations and said that the magnitude of change witnessed in 100 years earlier happens in just 10 years now. “This means that the governments and society have to be ready to catch up with the rapid changes,” he added.

10. On India’s economic growth, PM Modi said that he is positive that India will deliver unprecedented opportunities and prosperity for the country’s people. He said that with every indicator looking up, growth is bound to be strong. 

11. “The growth of Apple’s manufacturing footprint in India, the decision of Micron to set up semiconductor assembly in India, all show the increasing attractiveness of India as a manufacturing destination. Building up scale and volume is critical to being able to turn India to a competitive alternative global production hub,” said PM Modi about India as a manufacturing destination. 

12. On the inclusion of the African Union as a permanent member of G20 under India’s presidency, PM Modi said, “After taking over the presidency of G20, the first event that I held was the Voice of Global South Summit in January this year. After having listened to them, understanding their priorities and concerns, we set the agenda for our G20 presidency. We have brought the priorities of the Global South onto the agenda of the G20, and we have made progress. It is in this spirit that I have taken the initiative to make the African Union a permanent member of G20 during our presidency.”

Also Read: BT Exclusive: 'This G20 Reflects the Voice of the Global South,' says PM Narendra Modi