India keen to scale up investments in infrastructure: PM Modi

Singapore, Nov 24: Keen to scale up investments in infrastructure, Prime Minister Narendra Modi today said rupee bonds to fund infrastructure projects will be launched in countries like Singapore.

Speaking at the India-Singapore Economic Convention, Modi said reforms in India are happening in a big way and will transform the systems so that they perform.

"We are keen to scale up investments in next generation infrastructure including digital networks and clean energy," he said.

"In addition to the core infrastructure, we are keen to invest in our social, industrial and agri-infrastructure to give better income and quality of life to our people."

With tight control over expenditure, capital investment by the public sector has been greatly increased. A National Investment and Infrastructure Fund is being set up to leverage this, while tax-free Infrastructure Bonds with broaden the corporate bond market will be issued soon.

"This will also provide long term finance for infrastructure," he said. "For infrastructure, we have also decided to launch Rupee Bonds in some countries. Singapore could be among them. We are quite eager to work with Singapore in this regard."

During the 18-month BJP rule, "reforms are happening in a big way. They are now reaching to the last mile. Reform is to Transform the systems so that they Perform", he said.

Reforms are aimed at enabling the people to realise their potentials and dreams. In addition, new frontiers and deeper foundations for financial markets have been laid.

"All together, runways for take–off of the economy have been made," he said.

"Recently, the IMF chief has said that India is a bright spot in the Global economy. I did not want to wait for that brightness to reach to you on its own," Modi said.

PTI