Prime Minister Narendra Modi warned that global conflicts and the energy crisis could push millions back into poverty
May 16, 2026: Prime Minister Narendra Modi on Saturday warned that prolonged wars, geopolitical instability and the growing global energy crisis could undo decades of economic progress across the world. Addressing the Indian community in The Hague, Modi said the world was simultaneously facing multiple crises, beginning with the COVID-19 pandemic, followed by wars and now rising energy insecurity. He described the current period as a “decade of disasters” and cautioned that millions of people could once again slip into poverty if conditions do not improve soon.
Highlighting India’s technological progress, Modi said the country had significantly expanded its digital and communication infrastructure over the past decade. He noted that India, once dependent on imported mobile phones, has now become the world’s second-largest mobile phone manufacturer. The Prime Minister also said India’s digital public infrastructure and innovation ecosystem are now being recognised globally, calling the country an “innovation powerhouse.”
Modi further stressed that India’s youth-driven aspirations are fueling rapid growth in startups, artificial intelligence, defence technology and semiconductor manufacturing. He said the number of startups in India has increased from fewer than 500 a decade ago to more than 200,000 today, while patent filings have crossed one million in the past year. The Prime Minister also highlighted India’s growing semiconductor sector, stating that 12 semiconductor plants are currently operational and production has already started in two of them.