Modi promises full cooperation to ASEAN investors

Indian Prime Minister Narendra Modi has promised ASEAN investors full cooperation in terms of facilitating their business operations in the republic and protecting innovators' intellectual property (IP) rights.

He said that in this regard, the government had taken several initiatives towards transparency and online processing for investors in IP administration.

"A comprehensive National Intellectual Property policy is expected by year-end. We are moving fast to ensure that our tax regime is transparent and predictable.

"We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters," he added, in his speech at the ASEAN Business and Investment Summit 2015 here today.

Modi also highlighted that India offered immense opportunities for ASEAN investors to tap into sectors that include transportation, property and renewable energy, among others.

"Our 50 cities are ready to build Metro Rail Systems. We have to build 50 million affordable houses. The requirements for road, rail and waterways is enormous.

"We have decided to go for renewable energy in a big way at 175 Gigawatts and have to do all this in a short span of time. Our democratic values and an alert judicial system ensures the safety of your investments," he said.

Since taking over the government 18 months ago, Modi said India has seen a lot of progress in terms of an improved gross domestic product, foreign investments and tax revenue, while bringing down inflation, the current and fiscal account deficits and interest rates.

"We have launched the most ambitious 'Housing for All' programme in the world. It involves building 20 million urban and 29.5 million rural houses.

"While the programme ensures no Indian is homeless, it will also generate a lot of employment and that too, mainly for the unskilled, the semi-skilled and the poor," he added.

On the transportation sector, he said India's ports had witnessed a 4.65 per cent growth in traffic and 11.2 per cent increase in operating income in 2014-2015 despite a global contraction in trade volume.

Amid the challenging economy, Modi said the success was the result of a series of concerted policies.

"We have embarked on a course of fiscal consolidation. We have entered, for the first time, into a monetary framework agreement with the Reserve Bank to curb inflation," he added.

According to the prime minister, even while cutting the fiscal deficit, India had substantially increased its productive public investments, by imposing carbon taxes on fossil fuels and reducing wasteful expenditure through innovative methods.

"I invite you to come and see the winds of change in India. Winds do take time to cross borders. That is why, I am personally here to invite you. When you come, you will get the wings of a new business environment," he added.