"We have ended regulatory uncertainty to a large extent, creating a policy driven state," foreign office spokesman Vikas Swarup tweeted, quoting the Prime Minister. Modi assured the business leaders that India wants to progress. "You have the experience and expertise. We have the requirement. It is a perfect match."

India, he said, is the fastest growing economy in the world, with a stable polity and offering 'ample scope for investment'. On Saturday, the Prime Minister had promised reforms 'with speed and boldness' along with a transparent and predictable tax regime and protection of intellectual property rights.

Addressing the ASEAN-India Summit, he said with a growth rate of 7.5 percent, India is the fastest growing major economy in the world adding it is likely to go higher in the near future.

"And now we have environment that is open and welcoming. And we will continue with our reforms with speed and boldness," Modi said, adding, "Our inflation is down as also our fiscal and external deficits. And, business and international confidence has increased sharply," he said.

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