Prime Minister Narendra Modi said on Tuesday that he had come to the Bloomberg New Economy Forum with the vision of “power to empower”, stressing that the key question was not who held power but how it was used to benefit people.
Addressing the forum, Modi said technology, data, knowledge and innovation had become important sources of power, emphasising the need to harness them to create opportunities for millions of people.
Welcoming the forum’s decision to hold its first-ever edition in India, the Prime Minister said Bloomberg founder Michael Bloomberg had chosen the right place at the right time.
“Every year at this forum, we discuss economy, energy, etc. For the first time, it’s been held in India. I’d like to say to Mr. Bloomberg that he has chosen the right place at the right time,” Modi said.
Stressing the need to ensure that technological progress benefits a broader section of society, Prime Minister Narendra Modi said the focus should be on using power to empower people rather than allowing it to remain concentrated in the hands of a few.
“The right question is: how is this power being utilised? Will technology only be beneficial for a few people or will create opportunities for crores of people? Will knowledge remain the strength of a few people, or empower everyone?” he said.
PM Modi said this required a shift in mindset, with empowerment taking precedence over control, cooperation over competition, and helping others succeed over pursuing individual success.
“This seeds a new thinking — power to empower. Ahead of power to control, power to enable. Ahead of Power to compete, power to cooperate. Ahead of power to succeed, power of helping others to succeed,” he said.
He added that the idea of using knowledge, wealth and power for a greater purpose was deeply rooted in India’s traditions, emphasising that the true value of power depended on how it was utilised.
“This is not new to India. We have always emphasised the importance of utilisation of knowledge, money, and power. The real value of power lies in its purpose,” PM Modi said.
“Whoever possesses knowledge, wealth, and power, how they use it is crucial. The true value of power lies in its purpose, and it’s crucial to understand this philosophy in today’s times… Our thousands of years of tradition have taught us this, and in India, we have demonstrated its application in our governance and work culture,” he added.
The eighth edition of the Bloomberg New Economy Forum, hosted in India, brought together more than 500 influential leaders from the public and private sectors worldwide. Under the theme “A World in Play: Defining the New Levers of Power”, the forum focused on the evolving geopolitical landscape, the risks and opportunities arising from the current period of uncertainty, and discussions on ideas and collaborative strategies to achieve future prosperity.
Speaking about the Forum, PM Modi said, “Today, India stands at a defining moment in its journey. India is no longer just a destination for investment; it is a trusted partner in shaping the global future. In our pursuit of Viksit Bharat (Developed India), we are working to build one of the most reliable growth engines of the world and a balanced world economic order. In this context, it is pleasing to note that the Bloomberg New Economy Forum is going to be held in New Delhi in October 2026. The participants in this Forum will get an opportunity to experience the energy of a nation that is not just participating in the new economy, but actively defining it.”
With ANI input….
