Manila: The task of transforming India is proceeding on an “unprecedented scale”, Prime Minister Narendra Modi told the powerful Asean grouping on Monday while hardselling his government’s economic reform initiatives to boost trade and investment. Mr Modi also listed measures taken including rolling out of the GST and new laws and institutions for bankruptcy and insolvency proceedings. He said 1,200 outdated laws have been repealed in the last three years as part of reform measures.
“India has climbed 30 places in the World Bank Ease of Doing Business Index this year. It is the biggest jump by any country this year and a recognition of India’s long term reform trajectory. And, the world is taking notice. We have moved up 32 places in the last two years in the Global Competitiveness Index of the WEF,” Mr Modi said. The Prime Minister said various reform measures coupled with demonetisation of high value notes have resulted in formalising a large part of the Indian economy.
On trade with Asean countries, Mr Modi said India wants to build land, sea and air connectivity to this dynamic region and that work is already on in the construction of the trilateral highway through Myanmar and Thailand to connect to other countries in South East Asia. “We are working on the early conclusion of the Agreement on Maritime Transport between India and Asean and are exploring coastal shipping services with countries that are our immediate maritime neighbours,” he added.
The trade ties between India and Asean are on an upswing and both sides want to further boost the trade and investment cooperation. “The ‘Act East’ policy of my government puts this region at the centre of our engagement. We have exceptionally good political and people-to-people relations with each and every country in the Asean region,” he said. 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 India’s total FDI.
