Narendra Modi
Prime Minister Narendra Modi called on the Rajya Sabha to pass bills cleared by the Lok Sabha, during his address in Parliament Wednesday, March 9, 2016.Reuters

Addressing the ASEAN Summit in Malaysia, Prime Minister Narendra Modi on Saturday said that the country is performing well on all economic parameters, while also promoting the 'Make in India' initiative to make India as a manufacturing hub.

"By almost every major economic indicator, India is doing better than the period when we took office...we are working towards making India a manufacturing hub," said Modi.

Modi said that the 'Make in India' programme launched by his government has helped the country to improve its ranking in World Bank's Easing of Doing Business index by 12 notches this year.

The World Bank has ranked India at the 130th position in its latest report and PM Modi wants the country to figure in the top 50 list in three years.

"The IMF and World Bank have expressed greater hope for our economy this year and after," CNN-IBN quoted Modi as saying.

Last month, the World Bank had kept its forecast for India's growth unchanged at 7.5% for the current fiscal, even as other agencies have cut their estimates after taking into account the slow pace of reforms and weak external conditions.

The Prime Minister said that foreign direct investment (FDI) inflows have gone up across many key sectors. Last week, the Modi government eased FDI norms for as many as 15 sectors, reiterating its commitment for reforms.

"The Indian economy faces number of challenges. It was obvious that reforms were needed...but the reforms being implemented should be used for transformation, the transformation of India," said Modi.

"We have ended retrospective tax and have eased licencing...we have implemented carbon taxes and have deregulated diesel prices. We have acted on carbon taxes," he added.

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