New Delhi: Prime Minister Narendra Modi has said that the Indian government wants to make the country a Global Manufacturing Hub.
Speaking at ASEAN Business and Investment summit in Manila on Monday, the PM said, “We want to make India a global manufacturing hub and we want to make our youngsters job creators.”
Most sectors of the Indian economy are open for foreign investment, Modi said.
Stating that a large sections of India's population did not have access to banking services, Modi said that the Jan Dhan Yojana has changed that in a matter of months and transformed the lives of millions.
Modi further stated that digital transactions have increased significantly while the govenment is using technology to reach out to people.
“Keeping our emphasis on 'Minimum Government, Maximum Governance', about 1200 outdated laws have been repealed in the last three years. We have simplified processes to start companies and for other clearances,” he said.
Inviting the ASEAN countries to ramp up their investment in India he said the task of transforming the country is proceeding at an "unprecedented scale".
“We are working day and night towards easy, effective and transparent governance,” he added.
The ASEAN region along with India together comprises combined population of 1.85 billion people, which is one fourth of the global population and their combined GDP has been estimated at over USD 3.8 trillion.
Investment from ASEAN to India has been over USD 70 billion in the last 17 years accounting for more than 17 percent of India's total FDI.
India's investment in ASEAN during the same period has been more than USD 40 billion.
With PTI Inputs