With a slew of measures putting back the economy on track, Prime Minister Narendra Modi on Saturday said reforms are “just a way station” to transforming India and vowed to provide a transparent and predictable tax regime as well as protection to Intellectual Property Rights.
Speaking at the ASEAN Business and Investment Summit in Kuala Lumpur, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investment.
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation.
It was obvious that reforms were needed. We asked ourselves the question – Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must ‘reform to transform.’Narendra Modi, Prime Minister, India
The fruits of development have to be taken to the margins of geography and to the bottom of demography. “We have to touch lives, while reaching for the sky,” he said.
Promoting reported growth in India’s GDP, the decrease in fiscal deficit, Modi promoted Idnia’s economic growth to the South Asian leaders.
He claimed that the government was “moving fast” to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decisions.
Following the common thread in all his foreign visits, inviting foreign investment, he promoted central schemes.
To re-vitalise the flow of investments, the second wave of structural and financial reforms have been launched. “We are trying to further open up the economy and introduce an element of predictability and stability in taxation system.Narendra Modi, Prime Minister, India
India’s commitment to climate change also found a mention in PM Modi’s address at the ASEAN.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)