PM Narendra Modi urges ASEAN members to ramp up investment in India

Manila: President Donald Trump, right, and Indian Prime Minister Narendra Modi hold a bilateral meeting during the ASEAN Summit at the Sofitel Philippine Plaza, Monday, Nov. 13, 2017, in Manila, Philippines | Photo: AP/PTI
Showcasing economic reform initiatives of his government, Prime Minister Narendra Modi today invited the ASEAN countries to ramp up their investment in India and said the task of transforming the country is proceeding at an "unprecedented scale".

Addressing the ASEAN Business Forum, the prime minister said India's 'Act East policy' puts the 10-member bloc at the centre of the countrys engagement adding that most sectors of the Indian economy were made open for foreign investment.

"Task of transforming India is proceeding at an unprecedented scale. We are working day and night towards easy, effective and transparent governance," he said.

The prime minister said the focus of his government has been to make India a global manufacturing hub and that efforts are on to make the youngsters job creators.

"Keeping our emphasis on 'Minimum Government, Maximum Governance', about 1,200 outdated laws have been repealed in the last three years.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 said.

Talking about the initiatives to introduce technology, Modi said digital transactions have increased significantly and that technology is being used to reach out to people.

He said large sections of India's population did not have access to banking services and added that the Jan Dhan Yojana changed that in a matter of months and transformed the lives of millions.

The trade ties between India and ASEAN are on an upswing and both sides want to further boost the trade and investment cooperation.

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 $3.8 trillion.

Investment from ASEAN to India has been over $70 billion in the last 17 years accounting for more than 17 per cent of Indias total FDI.

Indias investment in ASEAN during the same period has been more than $40 billion.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel