Huge task ahead

Modi

Obama Prime Minister Narendra Modi has defended his record of reforming India’s stuttering economy after two years in power, but conceded that his right-wing government faced “an enormous task ahead”.

In an interview with The Wall Street Journal published Thursday, his second anniversary in office, Modi said he had set a path for faster growth, including opening up the economy to foreign investment and curbing corruption.

But Modi also said he needed India’s 29 states to take up the challenge of reforming land purchasing and rigid labour laws, which businesses have long complained hamper manufacturing and development.

“I have actually undertaken the maximum reforms,” Modi said. But, he added, “I have an enormous task ahead for myself.”

The Hindu nationalist premier swept to power at elections in May 2014 with the biggest mandate in 30 years, promising to reform and revive the struggling economy.

Growth has since risen to 7.60 percent in the year ending March, sky-high inflation has dropped, the budget deficit has narrowed and foreign direct investment has soared.

Modi, who has formed a close relationship with US President Barack Obama, is set to address a joint meeting of the US Congress next month during a trip to Washington.

Modi said the invitation “is a matter of pride for me” adding that it was an “opportunity for me to address the American people”. (AFP)