Prime Minister Narendra Modi has called for targeted subsidies and reforms that transform the lives of the poor and questioned tax incentives for corporate. <br/><br/>He said, people's welfare should be the basic foundation of any economic reform and the true reforms are those, which lead to transform their lives.<br/><br/>Addressing Economic Times Global Business Summit in New Delhi Friday evening, Mr Modi said, his aim is not to eliminate subsidies but to rationalize and target them. <br/><br/>He said, some subsidies might be necessary to protect the poor and the needy and give them a fair chance to succeed. <br/><br/>The Prime Minister asked why is it that subsidies going to the well-off are portrayed in a positive manner? Mr Modi also took a dig at experts for seeking an overhaul of India's subsidy regime while remaining silent on incentives for the well off that often distort the tax system.