What happened: PM Modi’s reform pitch at Economic Times World Leaders Forum 2026
Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum 2026 and presented India’s reform agenda under the theme “Shared Futures.” He linked the theme to India’s G-20 Presidency framing “One Earth, One Family, One Future” and argued it helps respond to 21st-century challenges such as growth concerns, resource weaponization, and rising distrust. He also positioned reforms as a driver for development outcomes, crediting political stability and policy continuity.
What existed earlier: License Raj and permission-heavy governance
In the Prime Minister’s presentation, the earlier “License Raj” era represented restrictive regulation where approvals and permissions dominated economic activity and daily life. He also described a long pattern of bureaucracy requiring people and businesses to seek approvals frequently, which he contrasted with the newer approach built around reducing permissions and shifting to trust.
What changed now: industrial incentives, regulatory decriminalisation, and governance reforms
The address claimed a shift from “Production Linked Punishment” to “Production Linked Incentive,” with government statements on investment, production and sales, exports, and job creation. It also highlighted legislative and regulatory steps to reduce compliance burden and to decriminalise minor procedural offences through the Jan Vishwas Bill. The Prime Minister also described governance-level change through a “Permitted unless prohibited” approach to reduce routine bureaucratic approvals.