In his address at the 18th SAARC summit here, Modi also said that India will now give business visa for 3-5 years for SAARC nations.
Identifying health as a major sector for cooperation among the member countries, Modi said India will support monitoring and surveillance of polio-free countries, and provide vaccines where it might reappear.
"In the area of health, India will meet the shortfall in funds to establish the SAARC Regional Supra Reference Laboratory for TB and HIV. We offer the five-in-one vaccine for the children of South Asia," he said.
Modi said information technology has removed all barriers to quality education and India was prepared to connect the South Asian students through online course and E-libraries.
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"When we set up India's National Knowledge Network, we will be happy to extend it to the SAARC region.
"The dream of a South Asian University has become a reality in New Delhi. But, to be truly South Asian, it must also have partnerships with at least one university in each SAARC country," he said.
"We will also host a conference in India for all South Asian partners next year, to strengthen our collective ability to apply space technology in economic development and governance. And, we plan to launch our satellite by the SAARC Day in 2016," he said.
"As neighbours, we should also be together in good and bad times," he said.
The Prime Minister also offered India's capability and expertise in disaster management saying it will always be available to South Asia.