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'We Must Reform to Transform,' Says PM Narendra Modi at ASEAN Summit

KUALA LUMPUR: Prime Minister Narendra Modi Addressed ASEAN Business Investment Summit in Kuala Lumpur today.

Happy to be here with you. Honorued to be here with leaders who have transformed South Asia into the most dynamic region
India and Asean are natural partners.

Macro economic stability main reason for growth and stability in South East Asia

I complement the leadership and people of ASEAN countries

Small countries of ASEAN and big country like China both have done well

Growth depends more on the spirit of people, rather than number of people

My engagement with ASEAN leaders started as soon as I took over

My government took charge nearly 18 months ago, India faced many challenges at that time

We asked ourselves the question - Reforms for what?  What is the aim of reform? My answer is clear: we must Reform To Transform

Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India

By almost every major economic indicator, India is doing better than when we took office

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

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

There are immense opportunities in India at ASEAN Business and Investment Summit

Friends! Most of the 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
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