The prime minister said India's 'Act East policy' puts the 10-member bloc at the centre of the country's engagement adding that most sectors of the Indian economy were made open for foreign investment, while addressing the ASEAN business forum.
"Task of transforming India is proceeding at an unprecedented scale. We are working day and night towards easy, effective and transparent governance," he said.
The prime minister said the focus of his government has been to make India a global manufacturing hub and that efforts are on to make youngsters the job creators.
"Keeping our emphasis on 'Minimum Government, Maximum Governance', about 1,200 outdated laws have been repealed in the last three years. We have simplified processes to start companies and for other clearances," he said.
He said large sections of India's population did not have access to banking services and added that the Jan Dhan Yojana changed that in a matter of months and transformed the lives of millions.
The trade ties between India and ASEAN are on an upswing and both sides want to further boost the trade and investment cooperation.