New Delhi, December 6: Prime Minister Narendra Modi asked that when India has become the world’s fastest-growing economy, being known as a global powerhouse and growth engine, did anyone still call it the ‘Hindu rate of growth’?
Calling the term a reflection of a slave mentality, he said that it was coined to link India’s weak economic growth to Hindu culture and civilization. The Prime Minister was addressing the Hindustan Times Leadership Summit 2025 here on Saturday.
He said, “The term Hindu rate of growth was coined when India yearned for 2-3 percent growth. Was it appropriate to link a country’s economic growth to the faith of its people? This was not spontaneous, but an idea born out of a slave mentality, in which an attempt was made to prove that Hindu civilization was the reason for India’s slow growth rate.”
He said that today some so-called intellectuals look for communalism in everything, but they fail to see the word communalism in it, even though it was propagated in their own policy thinking.
The Prime Minister said that even after 79 years of independence, India is continuously striving to free itself from the mentality of slavery.
He emphasized that the reforms being undertaken in India today are driven by national goals, not political gains or as a reaction to economic crisis. He said, “Earlier, reforms were either for political gain or to manage crises, but now ‘Nation First’ is the foundation of our thinking.”
Referring to the global economic landscape, Prime Minister Modi said that while the world talks about recession, India is writing a new story of development. He said, “When the world is grappling with a crisis of trust, India is becoming a pillar of trust. When the world is moving towards disintegration, India is playing the role of a bridge-builder.”
Referring to the recently released GDP figures for the second quarter of the financial year 2025-26, he said that a growth rate of over eight percent symbolizes India’s new economic momentum. While global growth is around three percent and the average growth of G-7 countries is around 1.5 percent, India is presenting a model of high growth and low inflation.
Discussing India’s comprehensive transformation, Modi said that many of the country’s capabilities remained untapped for a long time. He said, “Our Eastern India, North-East, our villages, Tier-2 and Tier-3 cities, women power and youth innovation—the energy of all these is now getting the right opportunity.”
He said that India’s space sector was previously limited to government control, but opening up to the private sector after reforms has created new opportunities.
He cited the recent inauguration of the Infinity Campus of Hyderabad-based private space company Skyroot, which is working towards the capacity to build one rocket per month.
Referring to reforms in governance, the Prime Minister said that a slave mentality had filled the government machinery with distrust of citizens.
He said, “Earlier, even minor mistakes were considered serious crimes. Our aim is to change this mindset. By introducing the Public Trust Act, we abolished hundreds of provisions that treated ordinary citizens as criminals.” He said that the government has broken the vicious cycle of distrust by providing guarantee-free loans through the Mudra Scheme. Under this scheme, loans worth more than ₹37 lakh crore have been disbursed so far.
He explained that approximately ₹78,000 crore is lying with banks and approximately ₹14,000 crore with insurance companies as unclaimed public funds. The government has launched a campaign to return this money to its rightful beneficiaries through special camps, and so far, thousands of crores of rupees have been returned to people in more than 500 districts.
The Prime Minister said, “This is not just a matter of returning property; it is an effort to strengthen public trust, and this trust is our greatest asset.”
Commenting on Macaulay’s policies, the Prime Minister said that the year 2035 will mark the 200th anniversary of the sowing of the seeds of “mental slavery.” He said, “The goal for the next ten years is to completely free ourselves from this mentality. I urge my countrymen to view the coming decade as a clear timeframe and support this campaign.”
The Prime Minister expressed special thanks to the Hindustan Times Group for organizing the summit and urged them to “keep serving like this.” He said that the news group, with its 101-year history, symbolizes the nation’s positive resolve for change and future direction. He also paid tribute on behalf of the nation to the architect of the Constitution, Dr. Bhimrao Ambedkar, on his death anniversary.