Indian Prime Minister Modi says ‘winds of change’ blowing through India’s economy

Ten Southeast Asian heads of state and nine world leaders, including President Barack Obama, are meeting in Malaysia to discuss trade and economic issues. Terrorism and disputes over the South China Sea are also on the agenda. (All times local.)

5 p.m.

Indian Prime Minister Narendra Modi says “winds of change” are blowing through India’s economy, after further market liberalization to turn the country into a global manufacturing hub.

Modi said Saturday that India’s economy has improved since his government took office 18 months ago and implemented two rounds of structural and financial reforms.

He said the government is working to ensure a transparent and predictable tax regime, protect intellectual property rights through a new national policy due out soon and remove bottlenecks to make India the easiest place to do business.

However, he said reforms are “just a way station” on the long journey to transform India.

Modi told a business conference on the sidelines of a Southeast Asia summit: “We must reform to transform. ASEAN economies have done their bit for Asia’s resurgence. Now, it is India’s turn. And we know that our time has come. We are at a take-off stage. I invite you to come and see the winds of change in India.”

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