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It’s India’s turn now, our time has come: PM Modi at ASEAN summit

Malaysia: Prime Minister Narendra Modi arrived in Malaysia on Saturday on a three-day visit during which he will attend two high profile meetings, the Asean-India Summit and East Asia Summit.

Pitching for major economic reforms, Prime Minister Narendra Modi on Saturday called India and ASEAN ‘natural partners’, whose relationship goes back to ‘ancient times’.

Speaking at the summit, Modi said, “I congratulate you for this achievement. I also congratulate you on the creation of one ASEAN community which are going to sign up tomorrow. India and ASEAN are natural partners. Our ties date back to ancient times.”

“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,” said Modi.

Modi further added, “The 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.”

Asserting that the time had come for India to make its mark in the resurgence of Asia, Modi called the world leaders to come to India and witness the ‘winds of change’ as he pitched his ‘Make in India’ initiative on the global forum.

Prime Minister Narendra Modi met his Chinese counterpart Li Keqiang on the sidelines of ASEAN-India summit, during which the two leaders discussed bilateral ties and global issues of mutual concern.

ASEAN is India’s fourth largest trading partner and India is the sixth largest trading partner for the ten member grouping.

10:02 AM
PM Modi says:

  • We have ended retrospective taxation; stay committed to rovide transparent and predictable tax regime.

  • 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.

  • 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.

09:44 AM
PM Modi Says

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

  • We have launched a ‘Housing for All’ program. It involves building 20 million urban houses and 29.5 million rural houses.

  • 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.

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

  • 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

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

  • PM Modi outlines measures that have been taken to make India investment friendly, and campaigns like ‘Make In India’ & ‘Digital India’.

  • I want to assure you that India is committed to protect Intellectual Property Rights of all innovators.

09:41 AM
* We have begun institutional & structural reforms – in agriculture, housing, transport, fin inclusion, investment.

  • In a break with over 65 years of tradition, we have involved India’s states in foreign policy.