Union Minister for Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw on Thursday said India’s reform momentum remains firmly on track, driven by deep structural changes personally steered by Prime Minister Narendra Modi, which have transformed the country into a high-growth, resilient and globally trusted investment destination. 

Speaking on the sidelines of the World Economic Forum (WEF) Annual Meeting in Davos, Vaishnaw said a series of landmark reforms undertaken in recent years have significantly boosted investor confidence across sectors. These include labour code reforms, simplification of the Goods and Services Tax (GST), energy sector reforms, and the opening up of nuclear energy to private participation. 

'Reforms across all segments of the economy'

The minister said India is witnessing a continuous reform process across all segments of the economy, creating a stable, and predictable policy environment. “Investors are extremely encouraged and are expanding their commitments,” he said, citing examples such as IKEA announcing plans to double its investments in India and Qualcomm significantly increasing its workforce in the country. According to Vaishnaw, companies across sectors increasingly view the present period as an opportune time to invest in India. 

Highlighting India’s macroeconomic fundamentals, Vaishnaw said the country is currently the fastest-growing major economy in the world, with a consistent growth trajectory of 6–8% projected over the next five years. He noted that the combination of moderate inflation and strong growth reflects the scale of economic transformation achieved over the past decade, which is drawing widespread global attention. 

Against the backdrop of global uncertainties, Vaishnaw highlighted the importance of strengthening domestic capabilities to enhance economic resilience amid geopolitical, geoeconomic, and geotechnical turbulence. He said the government is focused on ensuring that all foundational building blocks of the economy are firmly in place to help India withstand global disruptions. 

The minister said the country is systematically building a domestic semiconductor ecosystem, developing a comprehensive artificial intelligence stack, rapidly scaling up defence manufacturing, and enabling Indian IT companies to transition from traditional software services to AI-driven solutions. These initiatives, he said, are collectively strengthening India’s economic resilience. 

Global perception of India at Davos

Vaishnaw also noted that global perception of India at Davos has been overwhelmingly positive, with the country widely seen as a trusted economy delivering consistent growth. He said discussions across various panels reflected a consensus that India’s emergence as the world’s third-largest economy is now a matter of “when, not if”. 

Highlighting India’s inclusive growth model, the minister said initiatives such as the opening of over 54 crore Jan Dhan bank accounts and sustained food security support to more than 80 crore beneficiaries have ensured that the benefits of economic growth reach the last mile. He added that the scale and impact of India’s inclusive development model are being widely recognised and appreciated globally.