Modi Government Created Favourable Atmosphere For India: President Pranab Mukherjee

HO CHI MINH CITY: President Pranab Mukherjee today had some words of praise for the new Indian government as he credited it for not only initiating steps to bring the economy on a better path but also for creating a "favourable" atmosphere for India across the globe.

The president, who abandoned his written speech for an extempore talk during the Indian community reception in this historic city of Vietnam, also lauded Prime Minister Narendra Modi for accomplishing a wonderful trip to Japan from where, he said, hopes of substantial Foreign Direct Investment are expected to be ploughed into India in the future.

"After the new government (led by Modi) came out with a massive mandate they also worked out...of course, it is too early to formulate cogent policies for the full five years and get it reflected in the plan document and other documents but the first budget presented by the new government outlines some of the crucial policies and there is substantially continuity and there is change (in policy) where it has been found necessary to do it.

"One very positive aspect is that there is possibility of substantial FDI which was an important outcome of the Prime Minister's visit to Japan. And it is expected that in the next five years, investment from Japan would be around $25-35 billion."