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We must reform to transform : Modi says at ASEAN summit

India Blooms News Service | | Nov 21, 2015, at 05:37 pm

#We must reform to transform # Modi says at ASEAN summit # India # Prime Minister # Narendra Modi

Kuala Lumpur, Nov 21 (IBNS) Reform is a way station on the journey to the destination which is transformation of India, Prime Minister Narendra Modi said on Saturday.

"We asked ourselves the question - Reforms for what? What is the aim of reform? My answer is clear: we must Reform To Transform," he said while addressing ASEAN Business Investment Summit in Kuala Lumpur.

"Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," Modi said.

The Prime Minister said when his government took charge nearly 18 moths ago, India faced many challenges at that time. But by almost every major economic indicator, India is now doing better, he added.

"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...Macro-economic stability is good. But to transform India, much more needs to be done," Modi said.

The Prime Minister said India has launched second wave of reforms to re-vitalize the flow of investments and steps are being taken to further open up the economy.

He assured the ASEAN countries that India is committed to protect IP Rights of innovators. A National IPR policy is expected by end of the year.

"Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators."

Inviting ASEAn investors to come and experience the changes in India Modi said the country has immense opportunities.

"I invite you to come and see the winds of change in India. Winds do take time to cross the borders. That is why I am here to invite you," he said.

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