Prime Minister Narendra Modi speaks onstage at the start of the Vibrant Gujarat Global Summit 2017 in Gandhinagar on Jan. 10, 2017. (Sam Panthaky/AFP/Getty Images)

GANDHINAGAR (PTI) — Strongly committing to continuing economic reforms, Prime Minister Narendra Modi Jan. 10 promised to bring a paradigm shift in polity and the economy by providing a corruption-free regime and easing processes to make India the easiest place to do business.

Addressing the biannual Vibrant Gujarat Global Summit, dubbed 'Davos of the East', that had Fortune 500 CEOs and global leaders in attendance, Modi said creating an enabling environment for business and attracting investments is his top priority.

"We have placed the highest emphasis on ‘Ease of Doing Business’," he said. "My government is strongly committed to continue the reform of the Indian economy."

Over the last two-and-a-half years, the government has worked relentlessly to realize India's potential and to set right the economy, he said, adding the results have been encouraging in substantial improvement in key macro-economic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well as foreign investments.

"India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy. We are seen as the engine of global growth," he said.

Stating that highest emphasis has been placed on ‘Ease of Doing Business’, he said decisive steps to ease licensing processes and rationalize provisions and procedures relating to clearances, returns, and inspections have been taken.

"We are monitoring implementation of hundreds of action points across various sectors, aimed at improving the regulatory framework. This is part of our promise of ‘Good Governance,’" he said.

In other news, it was raining praises for Modi from some global CEOs at the Vibrant Gujarat Summit here while one of them went on to say that "many in the U.S." wished he could take over the American leadership.

Chiefs of Japan's Suzuki Motor Corp, U.S.-based Emerson Electric, chemicals manufacturer Huntsman Corp and tech giant Cisco were among those praising Modi for programs like Digital India, Skill India and Make in India.

"At a time when courage is lacking, we find it in India. At a time when leadership seems to be at a low, we find it in Prime Minister Modi," said Peter Huntsman, CEO of Huntsman Corporation, on the first day of the 8th edition of the biennial Vibrant Gujarat Global Summit.

Recalling Modi's visit to the U.S. in June last year, he said "there were many, many, many of us who wishes you would have stayed and taken over leadership of our country.”

David Farr, chairman and CEO, Emerson Electric Company, said he was encouraged by the efforts of India and Gujarat in bringing in an ease of doing business.

"It's my hope that Make in India, Digital India and Skill India will begin to make steady progress for future growth. To grow manufacturing from 12 percent to 25 percent by 2022, it will require massive investments from all of us globally," he said, while applauding India's reforms such as in FDI.

Suzuki Motor Corporation president and COO Toshihiro Suzuki said, "We highly appreciate the Skill India mission to support Industry's growth."

Fairfax’s Prem Watsa termed Modi's initiative to transform India as "unprecedented" and said since the election in 2014 India's political climate has changed.

Cisco executive chairman John Chambers said, "I have had the honor of looking at every major country in the world and there is no other country in the world that has a better plan for future than India."

He named Modi among one of the top three leaders he has ever met.

Stating that India's efforts with regard to digitization, Smart Cities and Make in India are what leadership is about, all these show the courage to outline goals and doing things in an "inclusive fashion.”

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