KUALA LUMPUR: Reform to Transform – this is the mantra for India’s national transformation Prime Minister Narendra Modi unveiled at the ASEAN Business and Investment summit in Kuala Lumpur on November 21. Speaking to business leaders from ASEAN countries, the Indian leader pitched the India Growth story and underlined the ease of doing business in Asia’s third largest economy.
Reiterating his unflinching commitment to the second generation economic reforms, the prime minister stressed that reform to him was the key to transformation of India and exhorted potential investors to partner in India’s ongoing development journey. “We asked ourselves the question – Reforms for what? What is the aim of reform? My answer is clear: we must Reform To Transform,” he said.“Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India,” he said, encapsulating the credo of his government.
Here are key highlights from Prime Minister Narendra Modi’s address to ASEAN Business Investment Summit at Hotel Shangri-La in Kuala Lumpur on November 21:
India and Asean are natural partners.
Macro-economic stability main reason for growth and stability in South East Asia.
Small countries of ASEAN and big country like China both have done well.
Growth depends more on the spirit of people, rather than number of people
My engagement with ASEAN leaders started as soon as I took over
My government took charge nearly 18 months ago, India faced many challenges at that time
We asked ourselves the question – Reforms for what? What is the aim of reform? My answer is clear: we must Reform To Transform
Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India
By almost every major economic indicator, India is doing better than when we took office
GDP growth is up and inflation is down. Foreign investment is up and the CAD is down. Tax revenues are up and interest rates are down
Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps
We have launched a ‘Housing for All’ program. It involves building 20 million urban houses and 29.5 million rural houses
Our major ports witnessed 4.65% growth in traffic and 11.2% increase in operating income in 14-15 despite a global contraction in trade
The pace of award of new highway works has increased from 9 km/day in 13-14 to 23 km/day currently
IIP in current year shows a distinct improvement over the last year. We are working in all ways to make India a global manufacturing hub
To re-vitalize the flow of investments, we have launched 2nd wave of reforms. We are trying to further open up the economy
I want to assure you that India is committed to protect IP Rights of innovators. A National IPR policy is expected by end of the year
Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators.
There are immense opportunities in India at ASEAN Business and Investment Summit
Friends! Most of the ASEAN economies have done their bit for Asia’s resurgence. Now, it is India’s turn. We know that our time has come.
I invite you to come and see the winds of change in India. Winds do take time to cross the borders. That is why I am here to invite you.
(Manish Chand is Editor-in-Chief of India Writes Network,www.indiawrites.org and is in Kuala Lumpur to report and analyse ASEAN and other related summits)
- Manish Chand is Founder-CEO and Editor-in-Chief of India Writes Network (www.indiawrites.org) and India and World, a pioneering magazine focused on international affairs. He is CEO/Director of TGII Media Private Limited, an India-based media, publishing, research and consultancy company.
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