Modi woos investors in Malaysia

Wooing foreign investors, Prime Minister Narendra Modi on Monday said India has ended regulatory uncertainties and created a policy driven state that offers ample scope for investment.

At a meeting with leaders of Corporate Malaysia, he said India is looking at strengthening commercial ties with the South East Asian nation.

"We have ended regulatory uncertainty to a large extent, creating a policy driven state," foreign office spokesman Vikas Swarup tweeted, quoting the Prime Minister.

Modi assured the busines leaders that India wants to progress. "You have the experience and expertise. We have the requirement. It is a perfect match." India, he said, is the fastest growing economy in the world, with a stable polity and offering "ample scope for investment".

On Saturday, the Prime Minister had promised reforms "with speed and boldness" along with a transparent and predictable tax regime and protection of intellectual property rights.

Addressing the ASEAN-India Summit, he said with a growth rate of 7.5 per cent, India is the fastest growing major economy in the world adding it is likely to go higher in the near future.

"And now we have environment that is open and welcoming. ....And we will continue with our reforms with speed and boldness," Modi said.

"Our inflation is down as also our fiscal and external deficits. And, business and international confidence has increased sharply," he said.

Image: Prime Minister Narendra Modi addresses ASEAN Business and Investment Summit 2015 in Kuala Lumpur; Photograph: PTI