 head of us, and I figured I should save my energy. Seriously, the theme that drives today's forum is instability in the economy and in the environment. The dance performance we saw was inspired by just that theme, and I think it really was a powerful way to start the morning. So let me welcome everyone to the Global Business Forum. We have an outstanding group here at our New York conference with heads of state from over 50 countries and CEOs from a broad range of industries, and I want to give a special thanks to the international partners who help bring us all together. They are listed on the screens around the room, and I want to thank all of you for making time to be here during this busy week. The United Nations General Assembly is in session and we all know how busy traffic and everything else is during UNGA week. In a sense, this forum has become the economic complement to UNGA week, which is focused on geopolitics, but more and more geopolitical issues require geoeconomic thinking and solutions. And let me just mention one example, and it is an issue that frames much of what we're going to talk about today, and that is climate change. Now I know many of the heads of state here attended the UN Climate Summit on Monday. I addressed the summit in my role as Secretary General's Special Envoy for Climate Action, and one of the messages that I delivered was this. If we're going to avoid the worst impacts of climate change, we have to move entirely off fossil fuels and to an economy powered by 100% clean energy. A decade ago, that seemed like a far-off fantasy, but smart government policies, combined with private sector innovation, have driven down the costs of clean energy faster than almost anyone thought was possible. Today, electricity from solar and wind is cheaper than coal powered in a growing majority of the world, even without subsidies from other government support. And that's why this April, the US generated more electricity from renewable sources than from coal for the very first time. And last year, global investments in renewable energy would triple what they were in gas and coal. That wouldn't have been possible without cooperation between the public and private sectors. Now, we still have a long ways to go, and we don't have any time to waste, but we've only scratched the surface of what we can achieve when government and business leaders work together on climate change, and that's the big focus of today. This morning, there'll be two panel discussions featuring public officials and private sector members of the Climate Finance Leadership Initiative. It was an effort we created at the request of the UN Secretary General to help reach the goals of the Paris Climate Agreement. And last week, our group released a report outlining how to speed and scale up investment to transition away from fossil fuels. This morning, we announced a new public-private partnership to bring more climate finance to emerging markets. And I wanna thank the partners in this coalition, all of whom are represented here today. Aliza Global Investors, aka AXA, NL, Goldman Sachs, Japan's Government Pension Investment Fund, HSBC, and Macquarie. All of us can help fight climate change, and we took a number of steps to make this New York conference sustainable. Everything from the signage to the carpets that you're standing on will be recycled and will come composting as much as possible, including coffee cups. Of course, climate change isn't the only challenge we face. Population and protectionism are injecting uncertainty into the global economy. Trade wars are harming businesses and consumers, and geopolitical risks represent a real and growing threat to people's livelihoods. So today is a chance for influential leaders to share ideas and have conversations that might not happen otherwise. We won't agree on every subject, but in a world that's increasingly polarized, it's critical that leaders in the public and private sectors talk to one another and listen even when we disagree. That's the only ways we're going to be able to solve problems, increase prosperity, and spread the benefits of growth more broadly. So I wanna thank all of you again for being here. Now our first speaker is the leader of one of the world's largest and most dynamic economies, the Prime Minister of India, Narendra Modi. We know this is an extremely busy week for the Prime Ministers, so we are grateful that he has joined us, and I think he does have a lot to say about how important this audience is, that he has made time to be here. India's economic growth is one of the great success stories of the century. I've gotten to see that growth firsthand and the challenges it brings during visits to India. And Bloomberg Philanthropies has worked with the Prime Minister and partners in India to tackle some of those challenges. And let me give you just a few examples. We've supported the Prime Minister's Smart Cities initiative to make Indian cities greener and more connected, and we've collaborated with Indian cities that are taking bold action to fight climate change. We're working to support his administration's national clean air program to reduce air pollution throughout India. We've supported India's work on making roads safer for everyone, and the Prime Minister deserves a lot of credit for the new national road safety bill that he just signed into law, which will save an enormous number of lives. So I want to congratulate the Prime Minister for taking strong action to protect people from e-cigarettes, which our foundation is also working on here in the United States. The Prime Minister has set ambitious goals for India's future and how to reach them. And I'm glad to announce two new partnerships with Bloomberg that will lead in India. First, Bloomberg will help India navigate the process for gaining inclusion in global market, benchmark indices, so that international investors can access India's bond market. That will help Indian businesses raise funds to invest and grow, and it will help India's government raise funding for infrastructure and public service. Second, Bloomberg will support the development of the international financial services sector at Gujarat International Finance Tech City, also known as GIFT, or the Gift City. Gift City was envisioned by Prime Minister Modi as a 21st century digital connected international financial center and engine for new jobs. To help realize that vision, Bloomberg will host a series of roundtables in India, Asia, and beyond with investors from across the world, and will highlight opportunities for governments and businesses to work together and to bring new investment to GIFT City. We hope this forum will spur more partnerships like these. We're looking forward to seeing what we can accomplish together in India, and we're glad to have the Prime Minister, someone that I have gotten to know very well over the years here with us this morning to share his thoughts about India's future. I hope the Prime Minister enjoyed the dance performance you saw a little earlier. You might say that that was our version of Howdy Modi. Please welcome Prime Minister Modi. Mr. Michael Bloomberg, distinguished guests, friends, global businesses, our economy, and his nerve center, that is New York. And in New York, all of you are coming from across the world. For me, coming from across the world is a matter of life. Bloomberg, global business forum, has given me the hope of India and the expectations and expectations of India and the growth story of India and the future direction of India in order to keep my word. I am very grateful to him. Friends, today in India, we are looking at the government that took five years of work and went among the public, and before that, the public gave him the opportunity to serve again. You are talking about business sentiment in your own language. In this election, 130 crores of Indians did not only give their sentiment, but also gave their judgment that growth is their biggest achievement. And here, business leaders can understand that in the direction of growth, this civil mandate is actually a statement of new opportunities in India. Today, the people of India are standing with the government that does not want to take big decisions to improve the business environment. Today in India, there is a government that respects the business world and respects the wealth creation. Friends, your information will be that a few days ago, we have decided to reduce the corporate tax. This is a very revolutionary step and after this decision, in my business world, all the people I have met who I have met believe it to be a very revolutionary step. During this time, in order to increase the profit, after one after another, the announcement of many decisions has been made by the government. After becoming the new government, even now, more than 50 such old laws have also ended and the progress in development has been improving. Let me remind you again that our new government has not had much time for more than 3-4 months. Today, from this point of view, I want to say that this is just the beginning. Now, a long time has passed. In this journey, in order to partnership with India, this is a golden opportunity for the business world of the whole world. Friends, today, India is in a unique position where our rapid growth enables us to cater to diverse demand. Our people are rapidly defeating poverty, moving up the economic ladder with increasing purchasing power. Thus, if you want to invest in a market where there is a scale, come to India. Our middle class is a huge segment, a huge segment of people who are aspirational and has a global outlook. Thus, if you want to invest in a market where the latest trend and futures are appreciated, come to India. Our youth are one of the largest users of the app economy. From food to transport and from movies to hyper-local delivery, startups are acing everything. Thus, if you want to invest in startups with a huge market, come to India. Our infrastructure creation is expanding at a fast pace, from highways to metros, from railways to ports, from airports to logistics. Each sector is seeing massive investment and tremendous potential. Thus, if you want to invest in one of the world's largest infrastructure ecosystem, come to India. We are rapidly modernizing our cities and equipping them with latest technology and citizen-friendly infrastructure. Thus, if you want to invest in urbanization, come to India. We have opened our defense sector like never before. If you want to make in India for India and for the world, come to India. We are building tens of millions of homes for the poor and middle-class people. This is per se the largest housing efforts in the world. Thus, to invest in reality, come to India. Ladies and gentlemen, on the development of infrastructure in India, as much as our government is investing today, it has never been done before. In the coming years, we are spending 100 lakh crores, approximately 1.3 trillion dollars on the infrastructure of Aaduni. Apart from this, even on the social infrastructure of India, millions of crores of rupees are being spent. In India's growth story, the road map of qualitative and quantitative leap has fallen on the ground. India has set a big goal to make the country a economy of 5 trillion dollars. Friends, in 2014, when we came to the government, the country's economy was around 2 trillion dollars. In the last 5 years, we have invested approximately 1 trillion dollars. And now, we are working to achieve the goal of 5 trillion dollars. Friends, to achieve this big target, we have capability, courage, and conditions with us. Today, the four important factors are the four important factors that are probably the rarest of the rare combinations in the world. These are the four factors, democracy, demographic, demand, and decisiveness. If I talk about the first factor, then there is a chance in India that such political stability has come after many decades. When democracy is a political stability, policy is predictable, judiciary is independent, then the safety, security and growth of the investment is itself. Friends, this growth has the strength of India's demographic dividends. From young and energetic talent pool, India is the world's biggest engineering education base and the most powerful R&D facilities in the world. Innovation and the encouragement India is getting because of America and China, India is the third number in the case of unicons. Friends, the third factor of demand is getting empowered. Purchasing power is increasing. In the same way, demand is also increasing. For example, for the last few years, the growth of air passengers traffic is in double digit. Due to which today India is the third aviation market. Friends, democracy, demographic and demand are the speciality of India today. That is decisiveness. Despite being a diverse and federal democracy, in the last 5 years for the whole of India, seamless, inclusive and transparent facilities have been given power. Where in the first India, the purpose of the tax was to become a part of the business culture of the whole country in the form of a trade market regime. We have done a lot of work in the same way to get insolvency and bankruptcy insolvency and bankruptcy code has been made. The laws related to tax and equity investment to bring tax to the global tax regime we will continue to do it. Apart from tax reforms, the world's biggest financial inclusion has taken place in very little time. Approximately 370 million people, 370 million people have been connected to banking for the first time in the last 4-5 years. Today, every citizen has a unique idea a mobile phone or bank account because in the targeted service delivery Teji came the leakage has been closed and the transparency has increased. Friends, in New India we have deregulation and the importance of de-bottling is the same because of reforms in every global ranking India is doing a better presentation. In the logistic performance index 10 rank jump in the global competitiveness index 13 increase in the global innovation index 24 increase in the global banks in the business index 65 increase in the global banks and friends you all know very well that the rankings are not the same. We have completely improved the ground level and made the rules easy. I would like to give you to take the light connection for many years now within few days the light connection has begun. Similarly many weeks before the registration now in few hours the company registration takes place. Within 5 years what changes came I will give you one example. Within 5 years in India 286 billion FDI has been in India for 30 years total FDI is half 50 percent America has done 50 percent in the last 4 years and this is when in the world the FDI inflow level is increasing. In this another interesting thing is that 90 percent FDI has been automatically polluted and 40 percent has been green-fin investment. If today the investor is confident in India and he is coming for a long time. Friends even in the world there are changes in India. The nation brand tracker 2018 India has been given the first number in Asia according to investment. 7 of 10 indicators political stability currency stability high quality products anti-corruption low cost of production strategic location or respect for IPR India has been number one in all of these. In other indicators we are quite above friends your desires and our dreams match perfectly. Your technology and our talent can change the world. Your skill and our skills can speed up global economic growth. Your prudent method and our pragmatic mind can write new stories in management. Your rational ways and our human values can show the path which the world is looking for and if there is any gap anywhere I will personally act as a bridge. Thank you very much. Thank you very much. I know the audience is interested in a number of issues but let's start with one that the world cares about around the world and that is climate change. You have set one of the most ambitious goals for generating renewable energy and India is now providing wind and solar at some of the cheapest electricity rates in all of Asia. How did you accomplish that? Is India on the track to really meet the ambitious targets that you set? This is the biggest concern that we have and I know that you are committed on this issue and you have a commitment and a conviction. The lifestyle of India is a big example for the world. We are the people who believe that the world is our mother and that there is no right to exploit it. We only have the right to milk it. India is connected with that concern where we understand the need and there is no way to do so. So this is the most important and I believe that the global warming challenge is much more than the government and the people's behavior to bring the world out from this situation. That is why we have to combine human behavior with nature and make it a habit to walk. Secondly, we have set the first goal to reach 175 gigabot renewable energy. I am happy that we are ahead of time and we have already achieved 120 gigabot work. And yesterday when I was speaking in the UN I have set a new target in the future. We will reach 450 gigabot renewable energy. To do this we have taken a policy initiative. Second, incentives are given. Third, we are trying to give the necessary opportunities. We still have nuclear energy. Because we are not a member of energy we do not need fuel supply. If we get that solution then we can work as a model in this area. But a second issue has been raised which is water. India has taken a big initiative of water life mission and we want to do a big research in the country. We also want as per our needs to revive our rivers and our rivers. We have presented single-use plastic and in the country we have run a big movement to discourage the single-use plastic. On the occasion of the birth of Mahatma Gandhi in the country we are doing a very important journey which means we are moving forward in many areas of the world. You talked about plastic, water renewables do you have any expectations of reducing the amount of coal that is burnt in India? This is the only thing that is the third most coal reserve in India. In a poor country like India we will not be able to use it but it has a way to change the stone of mining and do underground mining so that they do not damage the environment. The second best way is coal gasification. With coal gasification clean energy is generated and we invite the world to come with technology so that by coal gasification through that gas whether it is mobility or energy we want to use it. So India does not have this wealth but how to use it environmentally friendly we are giving it. How do you plan to reach that target and will it require additional economic reforms or steps to boost foreign investments? Governance efficiency all these things we will have to combine with a global benchmark so that the world can be happy and confident. So we are doing the reforms in the law with many new initiatives. The second is safety for investors. We should get its return and I believe that there is a difference between democracy and also our judicial system and that too in English. Because of that any investor if there is a dispute then these two things give confidence that it is a democratic system and it is a perfect judicial system and because of being English they do not have the same interpretation which is done by Indians. So the language is doing a very big role so this given situation is our fault. Second we want to take our infrastructure to the next generation. We want to make new airports we want to increase the speed of the railway line we want to electrify we want to give our every family a home meaning in one way infrastructure is our priority. Second is value addition. In the agriculture sector we want to go towards food processing and if we try to India then food can become a basket. We want to give strength towards organic farming because there is a huge market of holistic health care for that we can do a lot of things. There are many facilities in the health sector in India we have just started the world's biggest health insurance America, Canada and Mexico their total population more than that we are giving health insurance to India which means that in my country 2000 new hospitals and hospitals have been built which has government payment so in the health sector there is a huge profit so for investment infrastructure we are going to digital India we have 600,000 villages optical fiber network and digital India this is also going to be an investment we are giving a huge start up today we are on number 3 in the start up ecosystem but we want to go ahead so I think there are many opportunities for youth all our initiatives the result of that initiative is that our economy will increase and our 5 year experience is that we have gone into the past so I don't think it will be difficult and we will definitely reach 5 years in spite of all of the new technology that keeps getting introduced around the world the real key to economic growth is still the workforce and you have a very young workforce half the population is under the age of 25 and that presents real challenges in terms of skill sets and job education especially as the economy around the world rewards more education and high skilled workers how is your administration going to tackle education changes in technology and how can the private sector really help you get it done innovation we have from the primary school level created a huge network of adult tinkering labs we want to give them promotion we want to set up an incubation centre so that the world the world is not going to stop the world will explore new things and maybe in the last 300 years more than that it has been 60 years and in the coming days it is going to be faster so for that to prepare a ground and according to the requirement of talent we want to develop a human resource secondly gradually in the world more skill will increase you have so much ability and that will increase skill development which needs a global workforce that global workforce if India has youth money if youth money can come to the world then according to that requirement we want like it is going with Japan so the way we need a human resource to prepare a human resource to send them there for training to start our institute then we have developed a good model in the coming days the way the world needs a human resource according to its requirement to prepare a human resource to develop skills thirdly the world is going on automation but I believe despite changing the world new job creation new job creation visualizing and according to that changing our syllabus the second problem which is a big initiative I did it yesterday in the UN and maybe it is a matter of your interest and I would like that Bloomberg can help us by joining us we have seen that because of climate change in a very large area we hear the disaster we keep hearing it in such a way we have to give strength to the disaster and the resilience infrastructure a survey of the world says that when big disasters happen then 60 to 70 percent end the established infrastructure they do a lot of damage so to prepare the disaster and the resilience infrastructure this means that syllabus will have to be changed we will not have to bring the material technology will have to be brought and because of global warming the new problems will have to be fixed for the disaster in the coming days there will be a big market there will be a big economic activity we have decided to give birth to the institution yesterday in the UN and as we have started international solar reliance the disaster resilience infrastructure is a holistic view I think this is also a very big challenge for the youth in a world where social media seems to talk about everything that is going wrong and we know that a lot of things are going right we have reduced global poverty by 50 percent in the last three decades how do you and other leaders get a good message out when the press really says that's not what people want to hear they want to hear sensationalism and failure all the bad things and we know that's not true what should a leader do today it's a different world you yourself are connected to the world of media and you always ask the first thing that I can say in the context of India I can't say anywhere else there was a lot of events in our country in Kandahar we had a women hijack and around 100 crores of passengers were there they were kept in a band but at that time there was a new electronic media TV and the people who were worried they flared up their stories that the terrorists who were sitting there started to feel that in India there is so much pressure on the government that now the terrorists will do whatever they want so I remember that the TV people of India had made a meeting and you had directed that how many mistakes we have made how we have improved and I thought it was a good initiative but slowly I see these things have gone away because there is competition and in such a competition to give news quickly to give hot news to give news quickly this is the age of competition so what will be improved there it will be difficult to say Social media is a great power for the government today any news or person can reach so in a way I am seeing a very powerful instrument of democracy in the form of social media but unfortunately in an organized way negative things are being tried it is good that some media has started to publish fake news gradually regular media, social media what is being done with fake news if they give power to it then I think it will be improved secondly the fashion of forwarding I think there will be no solution for technology that if there is any news then there will be no verification then we can stop but I myself am very active on social media I have been active for many years and I have also got its benefits I am seeing that a small incident in a distant village I get to know from social media so I immediately bring the government into action I don't need to state but I am in action so for good governance which should be information from below for that social media is a great power and I believe if there are sensitive governments if there is a good governance then for information social media is a best tool and in the same way as I have come here through social media when I was in Gujarat there is a river there is a river but once once in a year there was a river and even the government machinery was tired but I had a network of social media so I used to do messaging then in the language our messaging was not that good so I used to see Gujarati in Roman Lepi and you would be surprised that once in a year there was a river no animals no people no social media so I believe for good governance social media can be used positively so if in the form of a leader in the form of a government then I used social media in the form of a good weapon and I was trying a lot to thank you for generously giving us your time American Indian relations I hope will continue to improve you've just been re-elected use your time in office wisely we need a strong India and I wanted to thank you on behalf of the American people for all of the people of India in extraction who have come here and changed our business and culture and technology make that better so thank you very much