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Modi promises to fast-track reforms

Modi promises to fast-track reforms
Highlights

Wooing foreign investors, Prime Minister Narendra Modi on Saturday promised reforms \"with speed and boldness\" along with a transparent and predictable tax regime and protection of intellectual property rights. With a growth rate of 7.5 per cent, India, he said, is the fastest growing major economy in the world adding it is likely to go higher in the near future.

Kuala Lumpur : Wooing foreign investors, Prime Minister Narendra Modi on Saturday promised reforms "with speed and boldness" along with a transparent and predictable tax regime and protection of intellectual property rights. With a growth rate of 7.5 per cent, India, he said, is the fastest growing major economy in the world adding it is likely to go higher in the near future.

"And now we have environment that is open and welcoming. ....And we will continue with our reforms with speed and boldness," Modi said. "Our inflation is down as also our fiscal and external deficits. And, business and international confidence has increased sharply," he said.

He said government actions in the past 18 months have led to inflation going down while at the same time it has led to higher GDP growth and foreign investment. "Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.

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