Gothenburg: Prime Minister Narendra Modi on Sunday hailed India’s rapidly expanding startup ecosystem as the world’s third largest, saying Indian startups are developing globally relevant solutions across sectors such as Artificial Intelligence, fintech, space technology, drones and mobility.
Addressing the European CEO Round Table hosted by the Volvo Group in Gothenburg, PM Modi urged deeper collaboration between India and Europe amid growing global economic uncertainty, supply chain disruptions and intensifying technological competition.
“India and Europe can together emerge as strong pillars of stability, sustainability and shared prosperity,” Modi said while inviting European businesses to participate in India’s development journey.
The Prime Minister said India’s innovation ecosystem is being powered by a young population, a growing middle class and large-scale infrastructure expansion. He added that the country’s reform-driven governance model has accelerated economic transformation over the past decade.
Calling India the world’s fastest-growing major economy, Modi said the government’s focus on “Reform, Perform and Transform” has strengthened investor confidence and created new opportunities across industries.
He also underlined the growing strategic partnership between India and Europe, describing the relationship as being at a “new turning point.” According to Modi, both sides are working to fast-track the proposed India-European Union Free Trade Agreement while expanding cooperation in security, defence and mobility.
“The Security and Defence Partnership and the Mobility Agreement have given a new direction to our cooperation,” he said.
The roundtable discussion was attended by Swedish Prime Minister Ulf Kristersson, European Commission President Ursula von der Leyen, senior European industry leaders, and representatives from leading Indian and European companies.
Earlier in the day, Modi received Sweden’s prestigious “Royal Order of the Polar Star Commander Grand Cross,” the country’s highest civilian honour awarded to a foreign head of government. The recognition marked the 31st international honour conferred on Modi by a foreign nation.
Sweden is the third stop in Modi’s ongoing five-nation tour. The Prime Minister is scheduled to travel to Norway later on May 18.
