Later in the day and with the Paris climate change talks barely few days away, the PM told a gathering of Indian diaspora that India will not create problems for the world in combating climate change.
Speaking at the India Singapore Economic Convention here, Modi said India is exploring a potential partnership with Singapore's Changi Airport for developments of two Indian airports and invited companies here to join in building smart cities.
He said last 18 months of his government have been marked by reforms reaching the last mile. "It means more charm on the faces and less forms in the offices," Modi, who concluded his two day visit to Singapore, said. The PM said he hoped to dedicate the next three months to even the remotest issues affecting free flow of capital.
The PM said his government has eased Foreign Direct Investment norms and improved ease of doing business by liberalising licensing regime and clearly articulated that it will not resort to retrospective taxation. "We are hopeful to roll out GST regime in 2016. The company law tribunal is being set up. FDI inflows have gone up by 40 per cent compared with previous year's comparative period," he said.
Modi also outlined 14 decisive steps taken to address regulatory and taxation concerns and said that India offers tremendous opportunities for investments, ranging from affordable housing to smart cities, railways to renewable energy. Modi also said that rupee bonds to fund infrastructure projects will be launched in countries like Singapore. "Interacted with investors in Singapore. Explained why India is the best place to be in & invest," Modi later said in a tweet.
The PM said a National Investment and Infrastructure Fund is being set up to leverage the push to develop the next generation infrastructure, while tax-free Infrastructure Bonds that will broaden the corporate bond market will be issued soon. "For infrastructure, we have also decided to launch Rupee Bonds in some countries. Singapore could be among them. We are quite eager to work with Singapore in this regard."
The PM also invited investors in Singapore to participate in the proposed divestment of Navratna PSUs and sought the Singaporean government's help in building at least 20 smart cities.
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In wide-ranging discussions with Singapore leaders, including its Prime Minister Lee Hsien Loong and President Tony Tan Keng, Modi stressed on the idea to 'create many Singapores' within India. He also pitched for issuance of rupee bonds and infrastructure bonds in Singapore.
Besides, Modi sought faster completion of Regional Comprehensive Economic Partnership (RCEP) to create a new economic block within Asia.
Singapore sought doubling of flights to India while Modi wanted the city-state to play a key role in upgradation of railway stations in India. At their bilateral talks, the two PMs spoke about Singapore's help in building the new capital of Andhra Pradesh, Amaravati.
"Modi said that the UP government has proposed to build a new holy city in the state and Singapore can explore working with UP government on that project. He also talked about creating many Singapores in India," a Ministry of External Affairs official said.
On financial services, they discussed how the banks from the two countries can work with each other. India and Singapore elevated their ties to the 'strategic partnership' level and signed 10 bilateral agreements for enhanced defence cooperation and in areas like cyber security, shipping and civil aviation.
Later in the day, the PM addressed the Indian diaspora. Setting the tone for Paris climate change conference, Prime Minister Narendra Modi today asserted that India will not create any "problems" for the world in combating global warming. He said India needs huge amounts of energy for development but will do whatever it can to deal with the problem of climate change as it sees the world as one family. "We need power but we will not create problems for the world," the Prime Minister said.
His assertion came days after US Secretary of State John Kerry said India could be a "challenge" at upcoming climate change talks in Paris beginning November 30 as it "has been more cautious, a little more restrained in its embrace of this new paradigm".