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"We asked ourselves the question - Reforms for what?  What is the aim of reform? My answer is clear: we must Reform To Transform," he said while  addressing ASEAN Business Investment Summit in Kuala Lumpur.

"Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," Modi said.

The Prime Minister said when his government took charge nearly 18 moths ago, India faced many challenges at that time. But by almost every major economic indicator, India is now doing better, he added.

"GDP growth is up and inflation is down. Foreign investment is up and the CAD is down. Tax revenues are up and interest rates are down...Macro-economic stability is good. But to transform India, much more needs to be done," Modi said.

The Prime Minister said India has launched second wave of reforms to  re-vitalize the flow of investments and steps are being taken to further open up the economy.