Kuala Lumpur: Prime Minister Narendra Modi on Saturday morning pitched India as a manufacturing hub while addressing the ASEAN Summit in Malaysia. Asserting that India is doing well on all economic indicators, the Prime Minister projected Make in India as a major factor for developing Indian economy.
"By almost every major economic indicator, India is doing better than the period when we took office...we are working towards making India a manufacturing hub," said Modi.
The Prime Minister said that his government introduced Make in India to improve ease of doing business and the move helped the country jump 12 positions in the latest World Bank ratings.
"The IMF and World Bank have expressed greater hope for our economy this year and after," he said.
Referring to the recent push for reform by his government, the Prime Minister said that foreign direct investment (FDI) had been increased in many key sectors.
"The Indian economy faces number of challenges. It was obvious that reforms were needed...but the reforms being implemented should be used for transformation, the transformation of India," said Modi.
He further said that startups in India had gone up and the NDA government was putting in place mechanisms to harness the growth, adding that "the growth depends on the spirit of people than the size of the population".
Pointing to other steps taken under his regime, the Prime Minister said, "We have ended retrospective tax and have eased licencing...we have implemented carbon taxes and have deregulated diesel prices. We have acted on carbon taxes."
The Prime Minister also assured that gathering that India was committed to protect the Intellectual Property Rights of all innovators.
He further expressed hope of rolling out GST by 2016.
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