Against the backdrop of his demonetisation decision, Prime Minister Narendra Modi said on Wednesday that cleaning the system from black money and corruption is “very high” on his agenda amid a push towards employment generation and self-employment opportunities. “India is currently witnessing an economic transformation… We are now moving towards a digital and cashless economy,” he said while addressing via video conferencing the ‘Economic Times Asian Business Leaders Conclave 2016’ in Kuala Lumpur along with his Malaysian counterpart Najib Razak.
“Presently, cleaning the system from black money and corruption is very high on my agenda,” Modi said, against the backdrop of his November 8 decision to scrap notes of Rs 500 and Rs 1000 denomination. PM Modi added the economic process in India is being geared towards activities which are vital for generating employment or self-employment opportunities.
The Prime Minister told the gathering that a number of steps have been taken to attract greater FDI and listed the various steps taken in this direction. He also mentioned that amendment to the Constitution to pave the way for Goods and Services Tax (GST), which will overhaul the indirect tax system in India, has been cleared by Parliament and “this is expected to be implemented in 2017”.
“We welcome those who are not in India so far… India is not only a good destination. It’s always a good decision to be in India,” Modi said. “We have opened up new sectors for FDI and enhanced caps for existing sectors,” he said, adding the government’s concerted efforts on major FDI policy reforms continue and conditions for investments have been simplified. Total FDI inflows in the last two and a half years have touched USD 130 billion, Modi said. “The positive change in policy, regulatory and investment environment in India is recognized by both domestic and foreign investors,” he said.
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