ASEAN Business and Investment Summit: We must reform to transform, says PM Modi

Reform for me is just a way station on the long journey to the destination, Prime Minister Narendra Modi said at ASEAN Business and Investment Summit 2015 on Saturday.

Zee Media Bureau

Reform for me is just a way station on the long journey to the destination, Prime Minister Narendra Modi said at ASEAN Business and Investment Summit 2015 in Kuala Lumpur on Saturday.

Key Highlights of PM Modi's address:

-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

-Most ASEAN economies have done their bit for Asia’s resurgence. Now, it is India's turn. We know that our time has come

-To re-vitalize the flow of investments, we have launched 2nd wave of reforms. We are trying to further open up the economy

-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

-The pace of award of new highway works has increased from 9 km/day in 13-14 to 23 km/day currently

-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

-We have launched a 'Housing for All' program. It involves building 20 million urban houses and 29.5 million rural houses

-Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps

-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

-To re-vitalize the flow of investments, we have launched 2nd wave of reforms. We are trying to further open up the economy

-Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps

-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

-By almost every major economic indicator, India is doing better than when we took office

-Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India

-We asked ourselves the question – Reforms for what? What is the aim of reform? My answer is clear: we must Reform To Transform

The Prime Minister earlier arrived here this morning to a film star's welcome when several ethnic Indians, who waited patiently outside his hotel for his motorcade to arrive from the airport, cheered loudly as he got out of the car while taking photos with their mobile phones.

India and the leaders of the 10 member grouping will review the new Plan of Action (2016-2020) to further enhance ASEAN-India cooperation along the politico-security, economic and socio-cultural pillars.

The two sides will also exchange views on regional and international issues of mutual interest or concern.

The ASEAN-India Strategic Partnership has acquired further momentum after the  Act-East Policy by Prime Minister Modi at the 12th ASEAN-India Summit in Myanmar.

India and ASEAN have 30 dialogue mechanisms including a Summit and 7 Ministerial meetings in External Affairs, Commerce, Tourism, Agriculture, Environment, Renewable Energy and Telecommunications.