Economy out of difficult situation, more reforms in offing: PM

Prime Minister Narendra Modi today said his government has within 100 days in office steered the economy out of a "difficult situation" and brought stability, and promised to remove roadblocks to foreign investment.
"I think we have crossed the difficult situation that the country was facing. Within the first 100 days of this government, we have achieved stability and stopped the continued reversals that the country was facing.
"We have to move ahead now on the runway; I am confident that, very soon, we will attain even greater heights," Modi said in his interaction with the Japanese media, ahead of his visit to the country.

The new NDA government, under Modi, after assuming office on June 26 has taken certain steps to increase foreign direct investment (FDI) into the country.
"I feel that with the right signal of policy stability and genuineness of intent by the Government, FDI influx will happen on its own, as India is an excellent investment destination. We are open to dialogue and will strive to remove all roadblocks to inviting FDI," Modi said.
The government has liberalised FDI norms for the Railways, permitting 100 per cent FDI through automatic route in several areas, including high speed trains.

Besides, FDI limit in defence sector has been hiked to 49 per cent from current 26 per cent through the approval route.

To a query on the Asian Infrastructure Investment Bank (AIIB) as proposed by China, the Prime Minister said China has invited India to join the AIIB as founding member.
"...India is considering the invitation. India would like any new multilateral development bank to incorporate the reforms that we advocate for the existing international financial institutions," he said.