While wooing the business community of ASEAN nations, the Prime Minister listed out the economic reforms being carried out in India by his government.
“Task of transforming India is proceeding at an unprecedented scale. We are working day and night towards easy, effective and transparent governance,” Modi said.
“Keeping our emphasis on ‘Minimum Government, Maximum Governance’, about 1,200 outdated laws have been repealed in the last three years. We have simplified processes to start companies and for other clearances,” he added.
India’s ‘Act East policy’ puts the 10-member bloc at the centre of the country’s engagement and most sectors of the Indian economy have been made open for foreign investment, said the Prime Minister.
The prime minister also spoke about how the focus of his government was to make India a global manufacturing hub. He said efforts were on to make the youngsters job creators.
Addressing the Business Forum, the prime minister spoke about the growth in banking services and the increase in digital transactions in India. He also lauded the use of technology in reaching out to people.
The Prime Minister specifically mentioned the Jan Dhan Yojana and said that it drastically changed the lives of millions.
Trade ties between India and ASEAN are on an upswing and both sides want to further boost the trade and investment cooperation.
Investment from ASEAN to India has been over USD 70 billion in the last 17 years accounting for more than 17 per cent of India’s total FDI. And India’s investment in ASEAN during the same period has been more than USD 40 billion.