Prime Minister Narendra Modi has said his government intends to make India a global manufacturing hub. Addressing the ASEAN Business and Investment Summit this afternoon in Manila, he highlighted India’s growth story to portray it as an attractive investment destination. Mr Modi said he wants to make Indian youth job creators instead of job seekers.
Substantiating his claim, the Prime Minister said, over 90 percent of the Indian economy are open for foreign direct investment. Mr Modi added that the processes to start companies in India and to secure clearances have been simplified. Referring to digitization of Indian economy, he said cashless transactions have registered 34 percent growth since demonetization brought in about a year back. He stressed that technology is being put to ensure transparency at an unprecedented scale.
Prime Minister Modi highlighted the implementation of GST saying, the complex process has been successfully completed, and added that much needs to be done. Pointing out at India climbing 30 places in the World Bank’s ‘ease of doing business’ list this year, Prime Minister said, it was the biggest jump by any country in a single year. He mentioned that South and South-East Asia would be the growth engine of the world, adding India attaches greater importance to boosting economic ties with the ASEAN nations.
He referred to the Jan Dhan Yojana saying, it has transformed the lives of millions by way of bringing banking services to them in a short span of time. He said direct benefit transfer involving crediting of subsidies under 59 schemes of upto ten billion dollars has helped to check pilferages. He said, about 1200 outdated laws have been repealed in the last three years, in keeping with the emphasis on ‘minimum government, maximum governance’ principle.
Prime Minister Narendra Modi also addressed the Indian diaspora at Manila in Philippines. In his speech, Mr Modi said, he has come to a nation and a region that is very important for India. He said, his government’s efforts are aimed at transforming India and ensuring everything in the nation matches global standards. Prime Minister said, India has always contributed to world peace. He said, Indian contingent in the UN Peacekeeping Forces is among the biggest. Mr Modi said, India is the land of Mahatma Gandhi and peace is integral to our culture.