Kuala Lumpur: With slew of measures putting back the economy on track, Prime Minister Narendra Modi on Saturday said reforms are “just a way station” to transforming India and vowed to provide a transparent and predictable tax regime as well as protection to Intellectual Property Rights.
Speaking at the ASEAN Business and Investment Summit here, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investment.
“Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India,” he said.
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation.