At the World Economic Forum, Narendra Modi Positions India as a Champion of Globalisation

In his opening address at the 48th World Economic Forum, Indian Prime Minister Narendra Modi presented himself as a strong advocate of globalisation and multilateralism, reaffirming India’s commitment to an open and interconnected world.

A changing of the guard among global powers. In 2017, Chinese President Xi Jinping had taken centre stage in Davos, portraying China as the guardian of free trade and multilateral cooperation in contrast to the protectionist stance of the newly elected U.S. President Donald Trump. On Tuesday, January 23, at the opening of the Forum’s 48th edition, it was Narendra Modi’s turn to articulate his vision of the global order and India’s evolving role in the world economy, before nearly 3,000 political and economic leaders.

A country that has come a long way

Dressed in a dark suit and speaking with calm authority, Narendra Modi set the tone by recalling the last visit of an Indian Prime Minister to Davos, in 1997.

“At that time, India’s GDP stood at $400 billion. Two decades later, it has increased sixfold,” he noted.

This figure highlights the central role India now plays in the global economic landscape — a transformation made all the more striking given the country’s starting point.

India on track to become a global economic power

Just twenty years ago, India was already a demographic giant, but remained an economic underperformer: a closed, bureaucratic and protectionist country, struggling to lift large segments of its population out of poverty.

Everything changed in 1991, when Indian authorities chose to embrace globalisation and focus on exporting services. While China positioned itself as the “factory of the world,” India became its “back office.”

The results have been decisive. India has recorded some of the highest growth rates worldwide, averaging over 7% between 2014 and 2016. This momentum is expected to continue: India was projected to become the world’s fifth-largest economy by 2018, overtaking France and the United Kingdom, and could challenge China for second place by 2030, or even reach the top position by 2050.

Attracting foreign investment

Much of this transformation is attributed to Narendra Modi’s leadership. Since his election in 2014, the Prime Minister has implemented a series of reforms aimed at reassuring and attracting foreign investors, improving the business climate and modernising India’s economic framework.

Speaking in Davos, he reaffirmed his government’s determination to continue these reforms and to defend a multipolar, open global order, in contrast to protectionist and inward-looking policies. This was widely interpreted as a clear reference to the United States under President Trump, who was expected to address the Forum on January 26.

The 48th World Economic Forum was held under the theme:

“Creating a Shared Future in a Fractured World.”