State should be policy-driven: Modi

Indian Prime Minister Narendra Modi Monday said the state should be driven by policies which should be consistent so as to draw more investments, while revealing US investments in India jumped by 50 percent in the first six months of his government.

"State should be policy-driven. That will help investment. Consistency is another very important aspect that will bring more investments in the country. These things will address many problems," he said at the US-India Business Summit here.

Modi, who is addressing the summit along with US President Barack Obama, noted heavy investments in infrastructure and agriculture will improve the economy.

"We are on the right path. Economic growth has increased. The business confidence in India is among highest in major countries, the consumer confidence in India has turned positive after three years.

"Growth in eight core sectors of the economy increased sharply. Inflation is at a five year low. Around 110 million new bank accounts were opened in the last four months. US investment has jumped by 50 percent in the first six months of my government," he said.

Modi also touched upon the intellectual property rights (IPR) issues and said it has to be resolved by everyone. "We have formed a working group to discuss this issue."

Turning to President Obama, Modi said that with his support, "we will turn our committement to concrete future".

The US-India Business Council (USIBC) along with India's department of industrial policy and promotion (DIPP), the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) played a key role in organising this meeting.