New Delhi: Against the backdrop of his government’s demonetisation decision, Prime Minister Narendra Modi said cleaning the system of black money and corruption is “very high” on his agenda amid a push towards employment generation and self-employment opportunities.

Prime Minister Narendra Modi. Reuters file imagePrime Minister Narendra Modi. Reuters file image

Prime Minister Narendra Modi. Reuters file image

“India is currently witnessing an economic transformation. We are now moving towards a digital and cashless economy,” he said, while addressing the ‘Economic Times Asian Business Leaders Conclave 2016’ in Kuala Lumpur along with his Malaysian counterpart Najib Razak via video conferencing.

“Presently, cleaning the system from black money and corruption is very high on my agenda,” Modi said, against the backdrop of his 8 November decision to scrap notes of Rs 500 and Rs 1,000 denomination.

He said 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 $130 billion, Modi said. “The positive change in policy, regulatory and investment environment in India is recognised by both domestic and foreign investors,” he said.

First Published On : Dec 14, 2016 15:23 IST

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PM Modi targets investors, claims India sans corruption will be an attractive destination