Modi chants 'reform to transform' mantra

Invites businessmen to see winds of change; meets Li, Abe for talks

Reforms are just a station; transformation of the nation the destination, said Prime Minister Narendra Modi while addressing the Asean Business and Investment Summit in Kuala Lumpur on Saturday.

Pleading to provide a transparent and predictable tax regime as well as protection to intellectual property rights, Modi said reforms were “just a way station” to transforming India.

“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.

He also said the government had worked over the past 18 months — since he assumed office — to bring down inflation and at the same time leading to higher GDP growth and foreign investment. “The fiscal deficit is down, the rupee is stable.”

“It was obvious that reforms were needed. …What is the aim of reform? Is it just to increase the rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: We must reform to transform,” he said.

“To revitalise the flow of investments, the second wave of structural and financial reforms have been launched. We are trying to open up the economy and introduce an element of predictability and stability in taxation system,” he said.

The prime minister also said the government was trying to remove bottlenecks affecting the growth process. “India is a land of immense opportunities. It is India’s turn. … I invite you to come and see the winds of change in India.”

The prime minister arrived in the Malaysia capital on Saturday and also met his Chinese and Japanese counterparts — Li Keqiang and Shinzo Abe, respectively.

Li said India and China had compatible strategies for development and bilateral cooperation was essential. “Boosting mutual trust and cooperation will not only achieve win-win results, but also contribute to the peace, development and prosperity of Asia and the world at large,” he said.

Abe hosted a lunch for Modi. India expressed its keenness to work with Japan and invited Japanese firms to take part in the ‘Make in India’ programme, especially in the defence sector, External Affairs Ministry Spokesperson Vikas Swarup said later.

However, not all went smoothly. During the photo-op, when Abe and Modi were shaking hands, the Indian national flag was seen upside down in the background. The green of the Tricolour was on the top and the saffron below. “It was an inadvertent mistake in the rush of things. It was unfortunate,” said an official.
THINGS MODI TOLD ASEAN

On intellectual property
“India is committed to protect IPR of all innovators”

On taxes
“We are trying to… introduce a stable taxation system”

On growth
“India is a land of immense opportunities”

On India’s future
“I invite you to come and see the winds of change in India”

On his govt’s achievements
“The fiscal deficit is down, the rupee is stable”