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ASEAN Summit: PM Narendra Modi presents India as an attractive investment destination

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ASEAN Summit: PM Modi presents India as an attractive investment destination

[vc_row][vc_column][vc_column_text]Inviting ASEAN countries to ramp up investment in India, Prime Minister Narendra Modi on Monday spoke of the economic reforms undertaken in the country to boost trade and investment.

Earlier in the day, PM Modi met US President Donald Trump on the sidelines of the 31st ASEAN Summit in Manila, Philippines. Trump reportedly congratulated the Indian leader for “a lot of good reports coming out of India”.

Modi arrived in Philippines on Sunday for a three-day visit during which he will also attend the 12th East Asia meet on Tuesday.

Addressing the ASEAN meet, the PM said the task of transforming India is proceeding on an “unprecedented scale”. Speaking at the ASEAN Business Forum in Manila, the Philippines capital, the Prime Minister said most sectors of the Indian economy were opened up for foreign direct investment, adding the country’s economy is now “globally integrated.”

The trade ties between India and ASEAN are on an upswing and both sides want to further boost the trade and investment cooperation.

The ASEAN region, along with India, together comprises a combined population of 1.85 billion people, which is one fourth of the global population and their combined GDP has been estimated at over $3.8 trillion.

Investment from ASEAN to India has been over $70 billion in the last 17 years accounting for more than 17 per cent of India’s total FDI. India’s investment in ASEAN during the same period has been more than $40 billion.

Modi sought to highlight India’s economic reforms to woo investors. “The task of transforming India is proceeding on an unprecedented scale. We are working day and night to ensure good governance which includes easy, effective and transparent governance,” he said, noting that more than 90% FDI sectors are on automatic approval route.

Modi listed major economic reform measures taken by his government, including rolling out of the Goods and Services Tax (GST) and new laws and institutions for bankruptcy and insolvency proceedings. He said 1,200 out-dated laws have been repealed in the last three years as part of reform measures.

“India has climbed 30 places in the World Bank Ease of Doing Business Index this year. It is the biggest jump by any country this year and a recognition of India’s long term reform trajectory. And, the world is taking notice. We have moved up 32 places in the last two years in the Global Competitiveness Index of the World Economic Forum,” said Modi.

He said various reform measures coupled with demonetisation of high-value notes have resulted in formalising a large part of the Indian economy.

On trade with ASEAN countries, Modi said India wants to build land, sea and air connectivity to this dynamic region and that work is already on in the construction of the tri-lateral highway through Myanmar and Thailand to connect to other countries in South East Asia.

“We are working on the early conclusion of the Agreement on Maritime Transport between India and ASEAN and are exploring coastal shipping services with countries that are our immediate maritime neighbours,” he added.

“The ‘Act East’ policy of my government puts this region at the centre of our engagement. We have exceptionally good political and people-to-people relations with each and every country in the ASEAN region,” he said.

Modi said his government wants to make India a global manufacturing hub and at the same time it wants the youths of the country to be job creators and not just job seekers.

The Prime Minister said 36 “white industries” have been taken out from the requirement of environmental clearance. Incorporating a company is now just a one day affair, he said.

The PM also talked about the open auction policy for natural resources including telecom spectrum, coal mines and other minerals and even private radio channels, which he said has together contributed about $75 billion in revenue.

“Using technology, we are enhancing responsibility and reducing discretion and corruption. We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high-value notes, have resulted in formalising a large part of our economy,” he said.

Modi said the number of new tax payers filing income tax returns has more than doubled and that digital transactions have increased by 34% in one year, as “we march towards a less-cash economy.”

“We have used technology to reach out to people. An online citizen engagement platform, MyGov has harnessed ideas, suggestions and inputs on policies and programmes from 2 million pro-active citizens,” he added.

On GST, he said it has done away with a vast range of State-level and Central-level taxes through-out India. “This is no small achievement given the vastness and diversity of our country and the federal nature of our polity,” he added.

Prime Minister Narendra Modi said a “very large part” of India’s population had no access to banking services and launch of the Jan Dhan Yojana resulted opening of 197 million bank accounts in one year, adding till August this year, 290 million such accounts have been opened in Indian banks. He said more than 146 million people are receiving direct cash subsidies through bank accounts on cooking gas alone.

“Today, the government is using Direct Benefit Transfers for 59 different schemes. Subsidies worth nearly $10 billion are being directly transferred to the bank accounts of the intended beneficiaries,” he added.

“For the first time in India, collateral-free loans have been disbursed to more than 90 million small entrepreneurs under the Mudra scheme. Very near to the population of Philippines,” the PM said.

He said India is organising an ASEAN-India Connectivity Summit in New Delhi next month with Ministers, officials and business representatives from all ASEAN countries. India is also organising an ASEAN-India Commemorative Summit of ASEAN leaders in January next year.[/vc_column_text][/vc_column][/vc_row]

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Byju’s founder Byju Raveendran sentenced to six months in jail by Singapore court over asset orders

In a major setback, a Singapore court has sentenced Byju’s founder Byju Raveendran to six months in prison for contempt after he failed to comply with multiple court orders regarding his assets.

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In a massive legal blow to the founder of the failed Indian educational technology firm Think & Learn Pvt (better known as Byju’s), a Singapore court has sentenced Byju Raveendran to six months in jail for contempt of court.

The court ordered the jail term after concluding that Raveendran had deliberately disobeyed multiple judicial directives regarding his personal assets, dating as far back as April 2024.

Disobedience of asset orders leads to prison sentence

According to people familiar with the matter, the Singapore court has instructed Raveendran to immediately surrender himself to the officials. Alongside the six-month prison sentence, the Byju’s founder has been ordered to pay legal costs amounting to S$90,000 (approximately $70,500). Furthermore, he has been mandated to provide documents verifying his official legal ownership of Beeaar Investco Pte, a corporate entity that holds equity shares in a related firm.

At the time of reporting, it remains unclear whether Raveendran is currently residing in Singapore or located elsewhere, and he did not immediately respond to requests for comment.

Escalating global legal battles

This sentencing marks the latest and perhaps most severe setback for the entrepreneur, who once achieved billionaire status amid a massive wave of global capital flowing into Indian start-ups. Today, Raveendran is being rigorously pursued by foreign investors across international jurisdictions. This includes intensifying legal battles in the United States, where global lenders are actively trying to recover heavy financial losses stemming from a defaulted $1.2 billion loan.

Media reports indicate that the ongoing Singapore court proceedings represent a broadening web of legal and financial crises following the operational collapse of the once-celebrated edtech giant.

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US hits Iranian missile sites and mine-laying boats near Strait of Hormuz amid peace talks

US Central Command executed targeted strikes against Iranian missile launch sites and mine-laying vessels near Bandar Abbas, testing a fragile ceasefire even as high-stakes diplomatic talks continue in the region.

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In a major development testing a fragile regional ceasefire, the United States military carried out targeted strikes in southern Iran on Monday. The operation hit missile launch sites and vessels allegedly attempting to lay mines near the crucial Strait of Hormuz, according to statements from the US Central Command (CENTCOM).

The military action took place near Bandar Abbas, a prominent southern port city hosting a primary Iranian naval base. Media reporting indicated that explosions were heard across multiple coastal locations, including Sirik and Jask.

Focus on ‘Self-Defense’ Amid Active Ceasefire

A spokesperson for CENTCOM, Capt. Tim Hawkins, confirmed that the engagement was defensive in nature. “US forces conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces,” Hawkins stated. He noted that the operational targets included active missile launch sites alongside Iranian boats attempting to emplace naval mines. Despite the escalation, CENTCOM emphasized that it continues to exercise restraint under the parameters of the ongoing ceasefire brokered in early April.

According to media reports, the tactical response was triggered when two Islamic Revolution Guard Corps (IRGC) boats were detected laying mines in the strategic shipping lane. Additionally, a surface-to-air missile site reportedly targeted American warplanes, prompting US forces to neutralize both the vessels and the missile installations. Media channels citing local updates indicated that four individuals were killed in the strikes, though the complete casualty figures remain unverified.

Diplomatic Dialogue Continues in Parallel

The strikes coincide with a critical phase of diplomatic negotiations aimed at extending the current truce. Top Iranian negotiators traveled to Qatar early this week to discuss a potential 60-day extension of the ceasefire, alongside provisions to keep the Strait of Hormuz fully operational for global trade.

US officials maintain that the military action does not signal an end to the active truce. A senior administration source clarified that the specific operations are “over for now”. US Secretary of State Marco Rubio, speaking from India, affirmed that diplomatic channels remain open and active. Rubio stated that intensive language discussions regarding the initial documents are ongoing, reiterating that the opening of the strategic strait remains a core objective.

Meanwhile, political leaders in Washington have separately reiterated demands for the secured disposal or international transfer of enriched uranium stockpiles as part of any comprehensive long-term agreement.

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US announces new America First visa schedule to boost business ties with India

During his official state visit to New Delhi, US Secretary of State Marco Rubio announced a new America First visa schedule designed to prioritise business professionals and boost bilateral trade efficiency.

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In a significant development aimed at strengthening bilateral cooperation, the United States has introduced a new “America First” visa schedule. The policy update was announced by US Secretary of State Marco Rubio during his official four-day visit to India. The new schedule is specifically designed to prioritise business professionals who play a key role in fortifying trade and strategic connections between the two nations.

Speaking about the initiative in the national capital, the top US diplomat clarified that the updated framework will not only assist visa applicants but will also significantly enhance operational productivity for the diplomatic mission. “We’re introducing a new America First visa schedule that prioritises business professionals that strengthen these ties,” Rubio stated. He added that the arrangement will enable the system to process applications with greater accuracy, speed, and efficiency.

Focus on Indo-Pacific and regional security

The announcement coincided with high-level discussions between the visiting diplomat and Prime Minister Narendra Modi. The meeting, which lasted for over an hour, covered critical areas of bilateral interest, including trade, energy security, strategic technologies, defence cooperation, and the ongoing West Asia crisis. During the interaction, Rubio extended an official invitation from US President Donald Trump for PM Modi to visit the White House in the near future.

The US Secretary of State described the partnership between New Delhi and Washington as a foundational cornerstone of America’s overarching strategy for the Indo-Pacific region. Highlighting India’s central role, Rubio noted that his very first official engagement upon taking office was a meeting of the Quadrilateral Security Dialogue (Quad), emphasizing that hosting the upcoming foreign ministers’ meeting in India acts as a tangible sign of the deep commitment to this framework.

Clarification on immigration rules

Addressing separate concerns regarding recent shifts in American immigration policies, the top diplomat provided a crucial clarification regarding the new guidelines for permanent residency. Media reports had previously highlighted anxieties surrounding a newly instituted rule that requires many legal immigrants to exit the US and apply for green cards from their home countries.

Rubio explicitly stated to the media that these measures are universal regulatory updates rather than policy shifts targeted at any specific nation. He reassured that the rule is applicable globally to all international applicants and is not directed exclusively at Indian citizens.

The visit marks Rubio’s first official trip to India since assuming office. His comprehensive itinerary began in Kolkata and includes a scheduled bilateral dialogue with External Affairs Minister S Jaishankar, alongside participation in the Quad Foreign Ministers’ meeting alongside international counterparts.

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