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We must reform to transform, says Modi says at ASEAN Summit
Highlights
Prime Minister Narendra Modi addresses ASEAN Business Investment Summit in Kuala Lumpur on Saturday.
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Prime Minister Narendra Modi addresses ASEAN Business Investment Summit in Kuala Lumpur on Saturday.
Here are the Highlights:
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.
We have launched a 'Housing for All' program. It involves building 20 million urban houses and 29.5 million rural houses.
Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps.
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.
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.
We asked ourselves the question - Reforms for what? What is the aim of reform? My answer is clear: we must Reform To Transform.
My government took charge nearly 18 months ago, India faced many challenges at that time.
My engagement with ASEAN leaders started as soon as I took over.
Growth depends more on the spirit of people, rather than number of people.
Small countries of ASEAN and big country like China both have done well.
I complement the leadership and people of ASEAN countries.
Macro economic stability main reason for growth and stability in South East Asia.
India and Asean are natural partners.
Happy to be here with you. Honorued to be here with leaders who have transformed South Asia into the most dynamic region.
Modi arrived on a three-day visit to Malaysia during which he will attend two high profile meetings, the Asean-India Summit and East Asia Summit.
Modi was received by the High Commissioner of India to Malaysia T S Tirumurti. "Reached Kuala Lumpur. Today's programmes include ASEAN Business & Investment Summit, 13th ASEAN-India Summit & one-to-one meetings," PM tweeted upon his arrival.
Huge billboards welcomed the Indian premier in Kuala Lumpur. There is huge excitement among local ethnic and expatriate Indians who are all eager to meet Narendra Modi.
At least 50 people, mostly ethnic Indians waited patiently outside the Renaissance Hotel, where Modi is staying, hoping to see him with their mobile phone cameras held high to get that quick snap of the Indian premier.
Modi will address the East Asia Summit tomorrow. He will also address the Indian diaspora on Sunday.
He will also hold talks with top leadership of Malaysia, including his counterpart Najib Razak, on ways to ramp up bilateral cooperation in a range of areas including defence and security and take the strategic ties to a new level. The two sides are likely to sign a number of MoUs.
Combating terrorism is likely to be one of the key issues at the 10th East Asia Summit as nations, shocked by the recent horrific Paris terror attacks, try to step up efforts to stem the menace.
ASEAN is one of the world's fastest growing regions and both sides are likely to seek greater economic engagement besides expanding cooperation in areas such as maritime security including freedom of navigation, drug trafficking and cyber crime.
ASEAN is India's fourth largest trading partner and India is the sixth largest trading partner for the ten member grouping.
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