Rising Bharat Summit 2026: First millennials taught Cong a lesson, now Gen Zs are doing the same, says PM Modi

PM Narendra Modi highlighted his government’s push on agriculture, credit expansion and quality manufacturing, while urging timely decisions to secure India’s long-term growth.

On housing, the Prime Minister said, “9.5 lakh houses have been allotted to Tamil Nadu poor families but 3 lakh houses not completed because state government not showing inclination towards it.”

Turning to agriculture, Modi said, “In agri, Congress left agriculture and farming to its own devices. They would ignore small farmers.”

He asserted that India’s global standing in the sector has improved. “India is becoming a big headquarter for agriculture,” he said, adding, “We are among the largest agri exporters.”

On price support, Modi said, “We have fixed 1.5 times MSP,” referring to the minimum support price formula for crops.

Drawing comparisons with the previous government, he said, “UPA only purchased 0.6 metric tonne of lentil, we have purchased 1.72 metric tonne.”

On farm credit, the Prime Minister said, “Congress could only disburse Rs 7 lakh crore of credit, we have done four time at Rs 28 lakh crore.”

“Small farmers have got help for the first time. Even small farmers have received benefit for the first time,” he added, claiming that outreach has widened under his government.

“Productivity, income and confidence of Indian farmers is rising,” Modi said.

Looking ahead, he stressed the importance of forward planning. “We are down a quarter of the 21st century, decisions taken now will decide the future. Decisions taken in current times will decide the course of future.”

Emphasising manufacturing standards, he said, “We should not just manufacture, but make quality products.”

“This is the time, right time to take India to newer heights,” the Prime Minister added, framing the present moment as decisive for India’s economic trajectory.

PM Narendra Modi said India must take long-term decisions now to ensure economic security for future generations, while accusing the Congress of failing in nation building.

“If we had made investments for self sufficiency, this money would have been spent on industry, research,” Modi said, referring to India’s import bill.

“If 25 years back, investments would have been made towards fertiliser, petrol capability, our imports would not have been so much,” he added.

Highlighting steps being taken to reduce external dependence, the Prime Minister said, “We are working with this thinking, we are strengthening shipping and port infra to ensure we don't spend Rs 6 lakh crore.”

“We have to look at the future and take decisions today,” he said. “We need to take decisions thinking about the future, that's why we are focusing on semiconductors.”

“This will ensure economic security for coming generations,” Modi added.

Outlining priority sectors, he said, “We are building semiconductors facilities, drone technology, critical minerals mining. 2047 target is not a political decision.”

“Coming generations would be able to focus on exports if we build these systems around technology and infrastructure,” he said. “If we will do indigenous manufacturing, coming generations will not discuss imports but exports capability.”

The Prime Minister also launched a sharp attack on the Congress. “Congress may tear down its clothes, but we will keep working diligently,” he said.

“Congress has failed in nation building. Congress has never worked with good intentions,” Modi added.

On welfare schemes, he said, “They don't care about the poor or their poverty, Ayushman Bharat has not been implemented in West Bengal.”

“West Bengal till date has not implemented Ayushman Bharat,” he said.

Referring to housing initiatives, Modi said, “PM Awas Yojana ensures housing for poor, Tamil Nadu's poor families have been allocated 9.5 lakh houses but 3 lakh houses have been stuck because DMK isn't interested.”

PM Narendra Modi launched a sharp attack on the Congress, accusing it of opposing key reforms and failing to present an alternative vision for the country.

“Congress is only there for protests, they opposed article 370, CAA, women's representation, teen talak, UPI, Swachch Bharat, Corona vaccines,” Modi said.

“When country removed Article 370, teen talaq, brought in UPI, swachh Bharat, corona vaccine, they opposed all,” he added.

“In a democracy, opposition cannot be just about protest, it needs to provide an alternative vision,” the Prime Minister said, asserting that “Opposition does not mean blind criticism.”

He claimed the party’s electoral decline has been visible for decades. “This has been happening since 1984, Congress has been losing vote share since,” Modi said, adding, “Congress' votes have been on a decline.”

“People are teaching congress a lesson over the last four decades,” he said. “People don't consider Congress a party worth voting for.”

Highlighting the party’s shrinking footprint, Modi said, “Only four states have more than 50 MLAs from Congress.” He added, “Only 4 states remain in which Congress has more than 50 MLAs.”

In a pointed remark, the Prime Minister said, “Congress is a club of people serving the family.”

Referring to generational shifts in voter behaviour, he added, “First millennials taught Congress a lesson, now Gen Z is ready to teach them a lesson.”

On long-term national goals, Modi said, “When we talk of Viksit Bharat in 2047, some people say Modi will not be alive till then.” He added, “Nation building needs vision, patience and timely decisions. Nation building is never immediate.”

Touching upon energy dependence, the Prime Minister said, “On petrol imports Rs 11 lakh crore is spent annually,” underlining the economic burden of fuel imports.

PM Narendra Modi said India has built a strong domestic AI foundation and is now actively shaping global conversations on artificial intelligence, while accusing the Congress of attempting to tarnish the country’s image.

“We have our own AI start-up ecosystem and money to invest in data centres and energy to power up centres,” Modi said, asserting that India has the capacity to support next-generation digital infrastructure.

“India is shaping and is a part of global discussions on AI,” he added, noting that reforms in key sectors will further strengthen the ecosystem. “Our reforms in nuclear power sector, will help India's AI ecosystem,” he said.

Calling the recent AI Summit a milestone, the Prime Minister said, “AI Summit was a proud moment for India. But Congress tried to malign India's image in front of foreign representatives.”

“Sadly, Congress tried to malign our event. This shows Congress' failure,” he said, adding, “There is anger among people against Congress' deed.”

In sharp remarks directed at the opposition, Modi said, “All credit goes to one family, but bapu is used to cover up for these failures.”

“They put forth Mahatma Gandhi when they want to hide their own deeds,” he added.

The Prime Minister further alleged that the opposition has made protest its default position. “Congress is reduced to a toolkit of protest,” he said. “They want to protest everything.”

“At every platform Congress tries to malign India, and opposes every good the country does,” Modi said.

Referring to past controversies, he added, “They tried to oppose the installation of lion head over the parliament, at a time when their stalwarts were being thrown out by the people.”

“They opposed Kartavya bhawan, they opposed Operation Sindoor, surgical strike,” he said.

PM Narendra Modi said the world’s perception of India has undergone a fundamental shift, citing progress in clean energy, connectivity and emerging technologies.

“World is surprised that India in which 3 crore families didn't have electricity, how did it reach among the top in solar power,” Modi said, pointing to the country’s renewable energy push.

“India which was known for slow trains, how does it have semi high speed connectivity,” he added, underscoring improvements in transport infrastructure.

Highlighting India’s technological transformation, the Prime Minister said, “India was earlier only the consumer of new tech, today it's the manufacturer of new tech.” He added, “India has recognized our strength within.”

“The vision with which world has been seeing India has changed,” Modi said, noting that global engagement with India has deepened in recent years.

Referring to India’s recent global tech engagements, he said, “Until a few years ago, India's events were ignored and not paid attention to. Our actions today are discussed around the world, like the AI summit.”

“Whatever discussion happens here, is analysed on global level,” he added.

Speaking about the AI summit, Modi said, “There were over 100 nations at AI summit, global north or south sat at the same table along with big corporations and small start-ups.”

“Big companies, small startups all cam together on one platform in AI summit,” he said.

Emphasising India’s evolving role, the Prime Minister said, “Entire global south has been follower, in AI age we are shaping narratives.”

Narendra Modi said India is reclaiming its position in the global economy, driven by a renewed focus on manufacturing, macroeconomic stability and structural reforms.

“Our country had the highest share in the world's economy. Today's India is again focusing on manufacturing, quality,” Modi said. He added, “Today’s India is focusing on manufacturing, products quality, economy.”

Highlighting policy initiatives undertaken over the past decade, the Prime Minister said, “We worked on manufacturing, focused on Make in India, strengthened banking, controlled inflation.”

“We have strengthened our banking system. Controlled our double digit inflation and made it the growth engine,” he said, asserting that India is now powering global expansion. “We have made India the world's growth engine.”

Modi also pointed to growing international interest in economic partnerships with India. “Developed countries are coming to India to do trade deal,” he said. “India's potential is such that countries across the world are making efforts from their end to strike trade deals with us.”

On India’s digital transformation, the Prime Minister said, “When I meet Heads of other nations, they talk about Jan Dhan Aadhaar and Mobile,” referring to the country’s financial inclusion and digital identity initiatives.

Narendra Modi said India has moved beyond a long-standing “mindset of servitude” and is now negotiating trade deals from a position of strength, with developed countries eager to partner with it.

“We used to copy international techniques and wait for acceptance from the world,” Modi said, reflecting on India’s past approach to global engagement. “This was more of a mental servitude than political.”

He added, “Unfortunately, even after independence, India was unable to get out of the mindset of servitude,” suggesting that the change in outlook has been gradual but significant.

Highlighting India’s growing economic clout, the Prime Minister said, “Some people are amazed by the trade deals we have struck.”

“This is visible in the trade deal related conversations. We are surprised why developed nations are eager to strike deals with India,” he said, adding, “We are seeing the impact on discussions on trade deal, that why are developed countries eager to do trade deals with us.”

PM Modi: Potential doesn't emerge within a country all of a sudden.

PM: Capability is built over the years and improves with experience.

PM Modi: Experience, hardwork leads to creation of that potential.

Network 18 Group Editor in Chief Rahul Joshi welcoming PM Modi said," We stand here feeling optimistic about the future of the country,  and the future of our next generation."

"India continues to be the only large economy, growing over 7 percent year over year. India also delivered the mother of all trade deals with the European Union."

Welcoming PM Modi to the Rising Bharat Summit, Network 18 Group Editor-in-Chief Rahul Joshi lauds India's success during Operation Sindoor and praises PM Modi's recent visit to Israel.

PM Modi to reveal the vision for Bharat

PM-EAC Member Gaurav Vallabh on Friday acknowledged that employment remains a key concern, particularly the quality of jobs being created in the economy.

“I admit creating jobs is an issue. More important is quality of jobs is an issue,” the PM-EAC member said, underlining that the focus must now shift from merely generating employment to improving productivity and income levels.

The member pointed to India’s structural transition over the decades. “From agriculture we directly jumped to services economy. We didn't focus in manufacturing economy,” he said, suggesting that a stronger manufacturing base could have supported broader job creation.

Highlighting progress in specific sectors, he noted that India’s defence production has seen a turnaround. “Defence equipment manufacturing, has now moved to exports,” he said, indicating the sector’s growing global competitiveness.

Looking ahead, the PM-EAC member said the next phase of expansion will be driven beyond the metros. “Next level of growth drivers will be in tier 2, 3 cities which will take us to Viksit Bharat,” he said, pointing to smaller cities as engines of inclusive growth and long-term economic transformation.

Amitabh Kant, former CEO of NITI Aayog, has called for an aggressive push towards urbanisation, manufacturing and new-age technologies to power India’s next phase of growth.

Describing cities as the primary engines of economic expansion, Kant said India must overcome its historical hesitation toward rapid urban development. “Cities are centres of growth. India had been a reluctant. Huge thrust and impetus to urbanization. India needs 500 new cities of 1 million each. India's challenge is to create 2 Americas,” he said, underscoring the scale of transformation required.

He highlighted the structural imbalance in employment, particularly after the pandemic. “41.6% people in agriculture have increased to 46% post covid which is too high. People need to move to manufacturing,” Kant said, stressing the need to shift surplus labour from farms to factories.

Drawing a global comparison, he added, “We need to create a Chicago every 5 years,” signalling the kind of urban and industrial scale India must aspire to.

Kant also emphasised the importance of emerging sectors in generating jobs and exports. “India needs to accelerate pace in New technologies like EVs, solar manufacturing, critical mineral processing, which will lead to job growth. It will be export led manufacturing growth in next 3-4 years,” he said.

Amitabh Kant, former CEO of NITI Aayog, said India will need an unprecedented acceleration in growth, savings and investments if it is to achieve developed nation status.

Kant stressed that India’s GDP would need to expand nearly nine-fold in the coming decades, alongside a sharp rise in savings and investment rates. “India's GDP need to grow 9x, savings and investment rate needs to grow enormously for India's economy to grow towards developed nation,” he said.

He underlined that states will play a decisive role in achieving this ambition. According to Kant, states must sustain double-digit growth over a long period. “States need to grow 10% for 3 decades. States need to be key driver for India's growth,” he said.

Flagging competitiveness challenges, Kant pointed to the high cost of doing business. “Next step we have to take towards cost of doing business which is very high as compared to China,” he said, indicating that structural reforms at the state level will be critical.

Calling for a more proactive approach, Kant added, “Need states to become champions, attract investments, lead growth.”

His remarks highlight the scale of the economic transformation required and the central role of states in driving investment, competitiveness and long-term growth.

Aravind Maiya: Fifth wave of GCCs may include IPOs of Indian units

Karan Virwani: The next wave will be mid sized and nano businesses hiring and innovating in India.

Aravind Maiya: There is a lot of competition for skilled talent. Leadership depth becomes important to run a standalone business in the country.

Aravind Maiya: Retaining talent is important. Showing a career path and culture is important

Aravind Maiya: More global roles will be set up from India for multinational firms

Rohan Lobo, Deloitte: 5,000 firms would be looking to set up GCCs in India

Rohan Lobo, Deloitte: See a number of companies setting up autonomous vehicles for their operations

Karan Virwani: GCCs are already testing Tier-II markets for expansion and tapping talent

Karan Virwani: Metros story still strong for GCCs

Kiran Cherukuri, HCLTech: 65% of GCCs have experimented or rolled out AI pilots

Kiran Cherukuri, HCLTech: Mandate for GCCs has changed from instruction based function to owning the product. AI is accelerating the transformation

Aravind Maiya: There is a lot of competition for skilled talent. Leadership depth becomes important to run a standalone business in the country.

Now, we have the 'GCCs Ahoy! All roads lead to India' session: We have with us, Karan Virwani, Chairperson, MD & CEO, WeWork India, Kiran Cherukuri, EVP & Global GCC Practice Head, HCL Tech, Aravind Maiya, Co-Founder & CEO, EmbarkGCC and Rohan Lobo, Partner & GCC Industry leader, Deloitte South Asia

Karan Virwani: GCCs have driven 40% of Indian commercial real estate market

Karan Virwani: With digital transformation and AI adoption, actual R&D happens in India through its talent

Karan Virwani: Innovation, high end, front office functions happening in India

Santosh Iyer, MD and CEO, Mercedes-Benz India on AI: For long our manufacturing competitiveness as far as India is concerned was always on labour cost arbitrage. AI and robotics can provide a big leap if you want to transition by skipping certain prognosis. This is the time for manufacturing sector to adopt even more rapidly than others.

Rajiv Memani, Chairman & CEO, EY India on AI Adoption: Lot of companies will undergo specially in the services sector and manufacturing, a lot of them will be undergoing lot of change. Some companies will fall by the wayside and companies will double down and succeed

Rajiv Memani, Chairman & CEO, EY India: We are not seeing so much of Indian companies coming into manufacturing. The opportunity to scale up in India, 5-10 years from now with some of the companies the scale they will be acquiring will be huge.

Rajiv Memani, Chairman & CEO, EY India: R&D spends are a challenge. Indian industry needs to see how we can build the moat around R&D. The financialisation of the Indian economy has happened much faster than R&D.

Prashant Ruia, Group Chief Executive, ESSAR Group: The third generation is getting inducted now, some of them are part of the business and some are doing things on their own

Prashant Ruia, Group Chief Executive, ESSAR Group: 70 per cent of businesses are managed by families across the world and this tradition is going to continue.

Prashant Ruia, Group Chief Executive, ESSAR Group: Energy transition is a huge theme for us across the group. Since Trump re-relection, there has been a pull back on energy transition. Green energies which are economically viable is where the world is moving to.

Prashant Ruia, Group Chief Executive, ESSAR Group: We are proposing to build data centre infra in the UK, develop 1 GW data centre there

JFS CEO Hitesh Sethia: We will soon launch a very proprietary financial fitness score, which is much like your health checkup for your finances, assessing your spends, assessing your borrowing, assessing your protection levels and wealth creation and tax compliances

JFS CEO Hitesh Sethia: We will soon come out with an exclusive membership program where we pass on some cost savings to our members as value back on every transaction done

The latest session at Rising Bharat, The Future of Finance is Now: Scaling New Peaks, featured Hitesh Sethia, CEO of Jio Financial Services, who outlined the company's AI-driven vision for the next phase of financial services.

Sethia said Jio Finance is building trust through an AI-powered financial partner that works 24x7 exclusively for each customer. The idea, he explained, is to move from transactional banking to a continuously available digital companion that understands individual financial needs.

He added that alongside its in-house offerings, Jio Financial has partnered with well-known financial brands to provide customers with products best suited to their specific requirements, widening choice within a single platform.

Sethia emphasised that the company is moving beyond a "one-size-fits-all" model. No two individuals with different financial profiles and needs will see the same homepage, he said, highlighting deep personalisation powered by AI.

Beyond back-end automation, the platform has embedded live financial agents directly on the user's homepage, blending AI capabilities with human support. The company has also created what Sethia described as a single, secure command centre for an individual's entire financial life - bringing investments, payments and financial planning under one digital roof.

Vaishnaw: The nature of internet has substantially changed. Every content is dis-eminated through platforms. Therefore necessary to take measures to ensure our social platforms like judiciary, legislature have to be protected

There is a huge barrage of deepfakes where nobody’s consent is taken.

That consent has to be taken.

Vaishnaw: In Railways, we have 94 per cent utilisation of capex

Vaishnaw: We are planning 52 reforms. We already have 4 reforms out. The reforms will be on safety, maintenance, production

Vaishnaw: When the entire world is assembled in the country. And at that time, Congress’ act was very mean (referring to the protest at the AI summit)

Vaishnaw: In Railways, we have 94 per cent utilisation of capex

Unlike very rich countries, we have a grid that has been rebuilt over the last decade. Our grid is designed for ups and downs that comes with renewable energy. Our renewable energy is 50 per cent of our total power generation, says Vaishnaw on concerns over power consumption in date centres

The entire talent shortfall in the semiconductor industry in the world will be met by India, says Vaishnaw

Ashwini Vaishnaw: Prime Minister Narendra Modi will tomorrow inaugurate commercial production at the Micron Technology plant in India.

Vaishnaw: The facility will manufacture high-bandwidth memory used in laptops, cameras and other devices.

Vaishnaw: Three additional semiconductor plants are currently in pilot production.

Vaishnaw: After Micron, two more plants will begin commercial production soon, while the fourth is expected to start by the end of the year.

Ashwini Vaishnaw: Content creators and media houses make significant investments; it is essential that these investments are fairly rewarded.

Vaishnaw: Nearly every country is examining revenue-sharing models, as revenues currently flow first to digital platforms.

Vaishnaw: The issue of revenue sharing must be addressed through a broad and consultative process.

Vaishnaw: This is once in a generation transition that is happening (referring to AI)

Vaishnaw: We have to scale up our investment and compute to a significant high level.

We have to go near 200,000 (GPUs) or even beyond that. That tax break for data centre will be very important in this regard

Vaishnaw: Content creators and media houses invest a lot. Thus it is very important that this investment is rewarded in a proper way

Ashwini Vaishnaw: India likely has one of the highest AI diffusion rates across both consumer and enterprise sectors.

Vaishnaw: The immediate priority is to build and scale robust AI infrastructure.

Vaishnaw: India's IT sector is moving from traditional coding to automated coding, with core architecture and design still led by Indian IT firms.

Vaishnaw: The government is strengthening the talent pipeline, but industry as well as central and state governments must share responsibility for the AI transition.

The session underscored the complexity of India's trade crossroads - balancing caution with reform, protection with openness, and national interest with global ambition.

Ajay Srivastava added a pragmatic perspective, noting that countries that have already signed trade deals with the US are facing similar dilemmas. "We should ask the US what is in it for us now," he said, pointing out that tariff levels are currently similar across countries, narrowing relative advantages.

Das also pointed out that India has yet to experience a full-fledged industrial revolution. "We jumped from the Green Revolution to the IT revolution," he said, noting that India's share of global manufactured exports remains under 2 percent. In his view, a well-structured trade deal could help expand that share and strengthen India's manufacturing base.

Taking a contrasting view, Gurcharan Das described Trump as "our best friend and America's enemy," arguing that external pressure is forcing India to undertake reforms it has long postponed. "He is forcing us to do what we haven't been able to do for 80 years - open up and deregulate our economy," Das said. He urged policymakers not to renegotiate trade deals but to continue rationalising India's historically overregulated import regime and push ahead with deregulation.

Prof Dhar struck a cautious note on US trade policy, advising India to "wait and watch." He argued that US President Donald Trump may no longer be able to impose tariffs in an ad hoc manner and that India should carefully assess how the situation in the US evolves before taking major decisions. He also warned that trade liberalisation alone is not a panacea for making India's manufacturing sector globally competitive.

The session Deal or Dilution? India's Trade Tango at Rising Bharat Summit brought together noted voices - Prof Biswajit Dhar of the Council for Social Development, author and public intellectual Gurcharan Das, and Ajay Srivastava, Founder of the Global Trade Research Initiative - for a candid discussion on India's trade strategy amid shifting global dynamics.

Piyush Goyal: Examples of film actors not doing well despite star attraction like Kamal Hasan. However, MGR and Jayalalitha worked in party for many years

Piyush Goyal: Don't see any tie up with actor Vijay. I have not even met him

Piyush Goyal: We have a very strong alliance with AIADMK poised to win

Piyush Goyal: Tamil Nadu also has Karunanidhi family ruling.

Piyush Goyal: Tamil Nadu wants a change. Palaniswami will be the next CM.

Piyush Goyal: Lot of R&D spend is not captured. Earlier governments didn't support innovation

Piyush Goyal: India is yet to recognize the benefits of R&D

Piyush Goyal: For much time we were not in the culture of innovation. Things are changing now.

Piyush Goyal: AI is going to open up a huge plethora of Opportunities, some are too focused on job losses

Piyush Goyal: AI will be good for consumers. Young people will provide talent to world, new type of jobs like cybersecurity, data security

Piyush Goyal: Want to Condemn in strongest words that certain Congressmen, a shameful act at AI Summit to try and belittle India’s achievements and offerings to the world. Worst anti national act. Won't be surprised if it had the blessing of the top of the congress leadership.

Piyush Goyal: We got response much more than expectations at AI Summit

Piyush Goyal: Trade deal is more about competitive advantage. At 50% tariff, we were at huge disadvantage. Trade deal would have opened doors for labor Oriented sectors for leather, textile, diamonds, pharma, smartphones

Piyush Goyal: Despite all the global uncertainties, our exports will be higher than last year

Piyush Goyal: It's an evolving situation. Trump administration has made some comments, they have other tools that they can use, next week they can increase it to 15%. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced

Piyush Goyal: Assure that there are so many positives in the US deal, lets see how the situation moves forward. International trade deal is about competitive advantage

Piyush Goyal: Dairy, maize, soybean, poultry is exempt from US trade deal. We have preserved interests of farmers, dairy. No GM foods will come into India. The deal preserves our interests

Now, we have the fourth and very important session of Rising Bharat Summit - Bharat Unstoppable: From Aatma Nirbharta to Global Ascendancy.

Piyush Goyal: No country in world has become developed nation without international trade, partnerships, strategic alliances

Piyush Goyal: India has become voice of global south. From 2021-22 we started engaging with developed nations to build partnerships

Piyush Goyal: PM's strategy was to engage with developed nations from a position of strength

Piyush Goyal: Strategy helped to quickly build up robust win win situations with trading partners.

Piyush Goyal: Keeping the strategy we covered 38 well developed economies

Piyush Goyal: We have protected our MSMEs, fishermen, farmers

"We are working on building a comprehensive database that can tell people exactly where their gold is coming from," said David Tait, CEO of the World Gold Council, underscoring the push for greater transparency and traceability in the global gold supply chain.

Tait said improving provenance tracking will strengthen investor confidence and ensure higher standards across sourcing and distribution. Emphasising the broader transformation underway, he added, "Digitalisation is the future of gold," pointing to the growing role of technology in making gold ownership more transparent, accessible and efficient.

In India, gold ETFs are increasingly emerging as an attractive investment avenue for the younger population, said David Tait, CEO of the World Gold Council.

He noted that investment demand for gold rose last year and expects global demand to remain strong. "We expect central banks to continue buying gold," Tait said, adding that in India, the central bank has been increasing its gold reserves in part to catch up with Western counterparts.

Tait observed that geopolitical uncertainty remains a key driver of volatility in gold prices. However, he added a note of caution: if US President Donald Trump were to generate high GDP growth alongside moderate inflation, gold prices could potentially enter a downward phase.

Globally, the World Gold Council is encouraging greater participation in gold as an investment asset. Tait said future inflows are likely to come increasingly through ETFs, even as interest grows worldwide in gold-backed stablecoins and tokenised gold products. In India, however, ETFs remain the preferred route for investors.

He also pointed out that gold is not yet recognised as a high-quality liquid asset from a regulatory standpoint, something the council is working to address by engaging with policymakers to ease norms.

"Digitalisation is the future of gold," Tait said, underscoring the shift towards modern, technology-driven formats of owning the precious metal.

In his session at Rising Bharat 2026, David Tait, CEO of the World Gold Council, outlined the key factors behind the recent rise in gold prices.

Key reasons for the rally:

Geopolitical uncertainty: Heightened global tensions and conflicts have increased demand for gold as a safe-haven asset.

Central bank buying: Strong and sustained purchases by central banks across the world have provided structural support to prices.

Deregulation in China: Policy shifts and market liberalisation measures in China have boosted investor participation in gold.

Growth of gold ETFs in India: Rising adoption of gold exchange-traded funds in India has widened access and added to demand.

Wealth transfer in Japan: As older generations pass on wealth to younger investors in Japan, portfolio allocations are shifting - with gold benefiting from this transition.

Tait suggested that these structural and cyclical drivers together have created a strong underpinning for gold's upward trajectory.

Up next at Rising Bharat 2026 is The Golden Touch: When The Portfolio Glitters, a session that turns the spotlight on gold's evolving role in global portfolios. The discussion will feature David Tait, CEO of the World Gold Council, who is expected to share insights on gold's strategic relevance amid geopolitical uncertainty, inflationary pressures and shifting central bank policies.

Vijay Kedia - Opportunities can be found in proxy sectors for AI.

Ramesh Damani - Market may want sectors that are the anti-AI like Infrastructure, Pharma etc. I am bullish on those.

Vijay Kedia - I believe in the next 10-15 years, there will be a big opportunity coming in India but you will have to keep your eyes and ears open. This is a golden period for India.

Madhu Kela - We need to increase investment in R&D. Hopefully that will change over the years.

Ramesh Damani - AI and enterprise software will continue to work together. AI will no overtake completely.

Ramesh Damani - Two trends are very clear to me. First, countries want to localise defence production. The world can no longer rely on a single, rules-based American hegemony to define global security.

Second, there is a strong push toward local manufacturing. That means local mining, metals, sourcing and supply chains are likely to benefit.

So, if someone feels markets aren’t performing, it may be because they are looking at the wrong pockets. If you look at metals, pharmaceuticals and defence, you are probably seeing meaningful appreciation.

Madhu Kela - Everyone has a view on AI. The pace at which the changes are coming. We need to be monitoring the changes. Technology has not made industry poorer. There will be clear winners and losers in this shift. Even within the IT sector, outcomes will depend on how well companies and people adapt to change. You can’t paint everyone with the same brush. The only concern could be in the short term some impact on employment. These are very dynamic changes, but I remain optimistic over the medium to long term.

Madhu Kela - We have a strong, highly skilled workforce, and many deeply knowledgeable professionals — something that was evident at the AI Summit. The broad consensus there was that India has the capability to become a global AI layer and solutions provider.

Madhusudhan Kela: The rise in number of multi-baggers in American markets last few years is amazing. there is always opportunity to make disproportionate money in markets.

Madhusudhan Kela: Last few years, we grew without R&D. We have to invest in R&D next few years.

Vijay Kedia: Mile na phool toh kante pakad li! AI-proxies is a good opportunity.

The second session at Rising Bharat 2026 brought together leading market veterans - Ramesh Damani, member of the Bombay Stock Exchange; Madhusudan Kela, Founder & MD, MK Ventures; and Vijay Kedia, investor and founder of Kedia Securities - for a sharp discussion on trends, risks and long-term wealth creation.

Key takeaways from the session:

Sectoral bets: Ramesh Damani said metal, pharma and defence stocks could see further upside from current levels.

IT comeback: Damani expressed confidence that the IT industry will return "bigger and stronger."

On AI: Damani said there is little to fear immediately from artificial intelligence, though there will inevitably be winners and losers.

Stay invested: Vijay Kedia stressed that patience is central to investing success - "Pitch pe ticke raho!"

Bull market perspective: Kedia described bull markets as sunshine - "It is always there somewhere, sometime."

Changing market leaders: Kedia noted that the list of top companies from the 1990s has changed significantly over time and will likely change again in the next 10-20 years, reinforcing the need for adaptability.

The session underscored a common message: markets evolve, leadership changes, but disciplined, long-term investing remains the north star.

India is positioning herself for this new revolution and this will move us to the forefront and we will become what we were 2,500 years ago. We will lead the world as economic and philosophical giant by 2047: Scindia

Creative destruction would be brought upon by Al: Scindia

AI is going to be another inflection point, it will create more opportunities than extinguish them. Huge amount of intellectual opening for creativity: Scindia

India is poised to take the lead in these domains: Scindia

I never thought we would be setting up semicon fabs in India: Scindia

Next revolution is going to come from technology and we have to move from services to product nation: Scindia

It's an unmitigated disaster (shirtless protest by Congress)

AI summit was not a BJP programme, India was on world stage. If on that platform you have to show vacuousness the best of luck to you: Scindia

This will not be acceptable to any citizen, have nothing to say to Rahul Gandhi: Scindia

If you are so anti your own country, then this country has no place for you: Scindia

We will proceed to look at appetite for demand we will come around with next set of spectrum auction: Scindia

Tariffs are not announced by us, high volume is key to growth in this country. We have shown the world how you can permeate technology right down to grassroot level when you have 1.2 billion telecom subscribers: Scindia

Voice used to cost 50p 12 years ago, a minute today it costs 0.03 p per minute: Scindia

We have a 49% stake in Vodafone with conversion of AGR dues; we have followed SC verdict. Things look promising as far as Vodafone is concerned: Scindia

We are equity holder in terms of Vodafone, but not in management: Scindia

We do not want to increase our stake beyond 49%

Scindia: It is for the management of Vodafone to chart their growth

It is mandatory to have this technology, we have given out three licences and normative spectrum assignment: Starlink, Jio and Oneweb

We have to come up with a spectrum price, we will synthesize the recommendations from TRAI: Scindia

With 6G, India, for the first time, would be in standard setting role: Scindia

Our proposal of ubiquitous connectivity has been accepted as part of 6G standard setting: Scindia

We are no longer following the world: Scindia

Satellite connectivity is mandatory, it is the job to ensure that every citizen has full bouquet of services: Scindia

Satellite can go where no other technology can go: Scindia

Telecom and mobile technology today is no longer a luxury, it's a blood coursing through our veins: Scindia

This is the invisible highway which enables the content to go through it: Scindia

It is our job at communications to have a firewall in place to prevent negative externalities: Scindia

We have to ensure against cyberfraud and digital arrest; sim binding has become the need of the day: Scindia

It is a carriageway on basis of which commerce, communication and livelihoods run: Scindia

The summit that will showcase India's global ambition and set the tone for this year's development roadmap - Rising Bharat Summit begins

Another major session to watch today, Institutions: The Market's North Star, will bring together some of India's most seasoned market voices - Ramesh Damani, veteran investor and member of Bombay Stock Exchange; Madhusudan Kela, Founder and MD of MK Ventures; and Vijay Kedia, investor, speaker and founder of Kedia Securities. The discussion is expected to decode the role of strong institutions in shaping market confidence and long-term wealth creation.

The opening session, titled Aspirations Uninterrupted: Connecting a Billion Dreams, will feature Jyotiraditya M Scindia, Union Minister for Communications and Development of North Eastern Region, who will share his vision for strengthening connectivity and empowering citizens across the country.

At a time when India's choices resonate far beyond its borders, the News18 Rising Bharat Summit 2026 serves as a platform to build consensus, deepen strategic partnerships, and present a self-assured national vision to the world.

From the world of business and technology, speakers include veteran investor Ramesh Damani; David Tait; tech entrepreneur Vishal Sikka; and Shashi Shekhar Vempati. Their insights will center on capital flows, emerging technologies and India's evolving role in the global economic landscape.

International voices at the summit include George Yeo; Nick Carter; and Carlos M. Gutierrez. Also participating are ambassadors May-Elin Stener, Philipp Ackermann and Jan Thesleff, contributing perspectives on global governance, security and economic cooperation.

Key ministerial participants include Piyush Goyal; Ashwini Vaishnaw; Jyotiraditya M. Scindia; and Delhi Chief Minister Rekha Gupta. Their sessions will examine trade expansion, infrastructure growth, digital governance and regional development priorities.

Prime Minister Narendra Modi will deliver the keynote address as the News18 Rising Bharat Summit 2026 begins today, setting the tone for two days of discussions focused on India's economic trajectory, geopolitical positioning and long-term national vision.