Addressing top business leaders of Japan and India here, Modi flagged the recent decisions to liberalise foreign direct investment policy in the railways, defence and insurance and said rules and laws are being changed in India which would show results in the near future.
Modi, who has enjoyed immense reputation in Japan as then Gujarat Chief Minister in terms of ensuring the state's progress, said India wants to emulate Japan in terms of quality, zero defect and delivery systems while carrying out skill development.
He underlined the need for closer and deeper cooperation between Japan and India to champion the cause of global ‘vikas vaad (development) instead of vistar vaad (expansionism)’.
"We have to decide if we want to have 'vikas vaad' or 'vistar vaad' which leads to disintegration. Those who follow the path of Buddha and have faith on 'vikas vaad', they develop. But we see, those having ideas of the 18th century, engage in encroachments and enter seas (of others)," he said in comments that may be seen as targeting China which is having conflict over South China Sea with some neighbouring countries.
While wooing Japanese businesses, Modi cited the latest growth figures of 5.7 per cent in the first quarter of this financial year and suggested that the phase of disappointment was over.
"See the work done in 100 days of my government. Earlier, the GDP used to hover around 5-5.4 per cent and led to an environment of disappointment. . .But in the first quarter of our government, there has been a growth of 5.7 per cent.
“It is a big jump.
Now there is renewed hope," he said.
Targeting the previous Manmohan Singh government, he said the situation was bad for one decade.
He specifically mentioned the United Progressive Alliance government's 'Go, No-Go' policy with regard to environmental clearances and said it would put anybody in a "dilemma" with regard to taking any decision.
He said India, after 30 years, has a government with full majority, which puts increased responsibility on the government to deliver as 125 crore (1.25 billion) people of the country have an urge to see the quality of life change.
Inviting Japanese businesses, particularly to infrastructure and clean energy sectors, the Prime Minister asked them to keep in mind the Gujarat experience.
He promised single-window clearances, speedy decision- making which is non-discriminatory in nature.
He said two representatives of Japanese business can be part of an Indian team which decides on business proposals.
They can be permanently part of this decision making.
Image: Narendra Modi and Japanese PM Shinzo Abe shake hands with visitors at the Toji Temple in Kyoto. Photograph: MEA/Facebook
India Inc's big vote of confidence for Modi
Economy out of difficult situation, reforms in offing: Modi