Government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said today while seeking greater global cooperation for return of illicit money stashed overseas.
Advertisement
He pointed out that the IAS officers will manage several districts across India and said the positive change that they would bring will be beneficial for the nation.
“The Prime Minister is going to raise this issue strongly seeking establishment of banking channels between both countries under the Comprehensive Economic Cooperation Agreement (CECA)”.
Modi was addressing thousands of people, nearly all of Indian origin, at a Grand Community reception in his honour at London’s iconic Wembley Stadium, home to rock concerts and England’s national soccer team, during his three-day visit to the UK. In the circumstances, scepticism that is being expressed over the fate of the multi-billion dollar deals announced during Modi’s visit to the United Kingdom is understandable.
Once the review takes effect, India’s share will increase from the current 2.44 per cent to 2.75 per cent, following which the country will become the eighth-largest quota holder at the International Monetary Fund, up from the 11th position.
At the East Asia Summit, the leaders are expected to discuss matters of global concern.
Modi followed it up with a meeting with Prime Minister of Spain, Mariano Rajoy, where terror again figured in talks.
“The events hosted by the Malaysian government will provide a good opportunity for businessmen from India and Malaysia to consider the many investment opportunities in the two countries”, the businessman said. “India’s trade with Malaysia is also vibrant, particularly in commodities sector”, the prime minister stated.
However, the close bilateral relationship is also underpinned by the close ethnic and cultural ties between the two nations due to Singapore’s large population of ethnic Indians, who account for an estimated nine percent of Singapore’s resident population.
There is significant potential for India and the United Kingdom to further strengthen their strong economic ties.
The bilateral trade with Singapore is about Dollars 17 billion and Singaporean companies are very active in India since early 1990s, including in equity markets.
“Build responsive, inclusive and collective solutions… this will be the theme when India assumes presidency of BRICS”, Modi said. “Singapore’s success is indeed noteworthy and their achievements in urban development, urban transport, waste management, development of ports and skill development are well known”, he added.
Advertisement
“Even more important than what we face is how we respond to the threat”, he said.
