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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 He said 1,200 out-dated laws have been repealed in the last three years as part of reform measures.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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India envoy Dinesh Trivedi meets PM Modi after talks with Bangladesh PM Tarique Rahman 

India’s High Commissioner to Bangladesh Dinesh Trivedi met PM Modi after talks with Bangladesh PM Tarique Rahman amid diplomatic tensions.

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India’s High Commissioner to Bangladesh Dinesh Trivedi met Prime Minister Narendra Modi in New Delhi on Tuesday, a day after his meeting with Bangladesh Prime Minister Tarique Rahman in Dhaka.

According to the High Commission of India in Bangladesh, Trivedi sought PM Modi’s guidance on further strengthening the bilateral relationship between India and Bangladesh through a constructive and people-centric approach.

The meeting came a day after Trivedi held discussions with Tarique Rahman on matters of mutual interest and ways to advance ties between the two neighbouring countries.

Dinesh Trivedi Meets Bangladesh PM

During his meeting with Tarique Rahman on Monday, Trivedi conveyed greetings from Prime Minister Modi and reiterated India’s commitment to working with the Bangladeshi administration and its people in a positive, constructive and forward-looking manner.

The two sides discussed issues of mutual interest and explored avenues for strengthening India-Bangladesh relations with a people-centric approach.

The engagement took place at the Prime Minister’s Office in the Cabinet Division at the Bangladesh Secretariat. Trivedi also shared his experience of serving in Dhaka over the previous two months.

Sheikh Hasina Extradition Request

The meeting assumed significance as Bangladesh has expressed hope that India will expedite the extradition process involving former Prime Minister Sheikh Hasina, who was ousted following a student-led uprising in 2024.

According to a statement issued by the Bangladesh Prime Minister’s Office, Dhaka also reiterated its request for India to return individuals it alleges were involved in the killing of Shahid Osman Hadi, a prominent figure associated with the July uprising who was shot on December 12, 2025.

Tarique Rahman stressed the need to create a suitable environment to take forward relations between Bangladesh and India.

Bangladesh Foreign Minister Khalilur Rahman, Prime Minister’s Foreign Affairs Adviser Humayun Kabir and other officials attended the meeting.

India-Bangladesh Ties Amid Diplomatic Friction

The latest high-level engagements come amid diplomatic tensions between the two countries following a virtual press interaction by Sheikh Hasina in New Delhi on August 5.

The event, organised by the Foreign Correspondents’ Club of South Asia to mark the second anniversary of her ouster, prompted strong objections from Dhaka.

During the interaction, Hasina said she remained determined to return to Bangladesh in December and restore democracy, while acknowledging the possibility of imprisonment or a death sentence upon her return.

Bangladesh’s Ministry of Foreign Affairs subsequently registered a strong protest and said the development had affected public sentiment and complicated efforts to strengthen bilateral cooperation.

India has said the government had no involvement in the event. Ministry of External Affairs spokesperson Randhir Jaiswal said it was organised by a private media entity and clarified that New Delhi did not endorse views expressed at the forum.

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Trump, PM Modi will resolve tariff issue over Russian oil trade, says US official

White House Trade Adviser Peter Navarro said Donald Trump and Prime Minister Narendra Modi will resolve the issue over US tariff threats linked to India’s Russian oil trade.

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US President Donald Trump and Prime Minister Narendra Modi will resolve the issue surrounding the threat of US tariffs linked to India’s purchase of Russian oil, White House Trade Adviser Peter Navarro said on Tuesday.

Navarro’s remarks came days after the US Senate passed a bill authorising the US President to impose tariffs of up to 100 per cent on the top five purchasers of Russian oil. The measure argues that such purchases directly contribute to financing Russia’s war in Ukraine.

Navarro comments on India’s Russian oil trade

Speaking to reporters at the White House, Navarro said India was not involved in the oil trade with Russia before the Ukraine war began in 2022.

He alleged that India became heavily involved in the trade after Russia’s invasion and sold refined products on behalf of Russia, which he said helped support the Russian war effort.

“Prior to the Russian invasion of Ukraine, India was not involved in the oil trade with Russia, but afterwards it got heavily involved,” Navarro said.

The White House adviser also claimed that the issue had since been resolved and attributed some of the shift in India’s Russian oil trade to an opinion article he recently wrote in the Financial Times.

Trump and Modi will resolve issue, Navarro says

Navarro said the relationship between Trump and Modi would help address the tariff-related issue.

“The president and your prime minister have a very good working relationship. They are going to work that out amongst themselves,” he said, adding that it was not his place to intervene.

His comments come amid US concerns over countries purchasing Russian oil and proposed measures aimed at imposing additional tariffs on major buyers.

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US Senate passes Russia sanctions bill, India-China face 100% tariff risk

The US Senate has passed a Russia sanctions bill that could allow 100% tariffs on major buyers of Russian oil and gas, including India and China.

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The US Senate has approved a bipartisan Russia sanctions bill that could allow President Donald Trump to impose tariffs of up to 100% on major buyers of Russian oil or natural gas, including India and China.

The legislation was passed by an 86-11 vote and will now move to the US House of Representatives, which is scheduled to reconvene on August 31.

The bill is named in honour of Republican Senator Lindsey Graham, a strong supporter of Ukraine who died on July 11. Graham had pushed for tougher sanctions against Russia over its war in Ukraine.

India and China among major Russian energy buyers

The legislation gives the US president the power to impose tariffs on the world’s top five purchasers of Russian oil or natural gas.

India and China are among those countries, along with Azerbaijan, Hungary and Slovakia.

The bill also contains an exception for countries importing less than 15% of their natural gas from Russia and taking steps to reduce their dependence on Russian supplies.

What does the Russia sanctions bill contain?

Apart from the proposed tariffs, the legislation includes sanctions targeting Russian President Vladimir Putin, senior Russian political and military officials, financial institutions and energy projects.

The bill would also expand US sanctions to older and reflagged oil tankers allegedly used by Moscow to bypass existing restrictions on Russian oil and energy revenues.

At the same time, the White House would have the option to waive sanctions or restrictions if the president certifies to Congress that doing so is in the national interest.

Bill also extends Iran sanctions law

The legislation also contains a provision related to Iran. It would extend the expiration date of the Iran Sanctions Act of 1996 until 2031.

The law penalises companies that invest in Iran’s energy sector.

The bill’s passage in the Senate marks the next step in the US legislative process, but it still needs approval from the House of Representatives before it can move forward.

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