PM Modi arrived in the Malaysian capital on Saturday for two key regional summits and bilateral talks aimed at boosting cooperation in areas as diverse as security and investment for big-ticket infrastructure projects.
Speaking at the ASEAN Business Summit, Prime Minister Narendra Modi pitched for economic reforms saying they must be brought not only to bring changes on measured GDP but to transform India.
“My government took office nearly 18 months ago. The Indian economy faced serious challenges, a fiscal deficit, and a high current account deficit. A large number of stalled infrastructural projects, and a persistent inflation were among them. It was obvious that reforms were needed. We asked ourselves the question reforms for what? What is the aim of reform? My answer is clear: we must reform to transform,” Prime Minister Modi said while addressing the Indian diaspora at the hotel Shangri La’s ball room.
He stressed that reform for him was just a way station on the long journey to the destination and the destination is the transformation of India.
He also praised the impact of his flagship programme ‘Jan Dhan Yojana’ here and talked about the benefits that the people of India have got through the scheme.
Modi pointed out that India has taken actions to revive stalled infrastructure projects and has also started a major revamp of the power sector which would benefit the banks.
Pitching for major economic reforms, he called India and ASEAN ‘natural partners’, whose relationship goes back to ‘ancient times’.
“I congratulate you for this achievement. I also congratulate you on the creation of one ASEAN community which are going to sign up tomorrow. India and ASEAN are natural partners. Our ties date back to ancient times,” Prime Minister Modi added.
Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps: PM Modi
— PMO India (@PMOIndia) November 21, 2015
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: PM
— PMO India (@PMOIndia) November 21, 2015
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: PM
— PMO India (@PMOIndia) November 21, 2015