Prime Minister Narendra Modi has said transformation of India cannot happen without transformation of governance. Inaugurating the first Transforming India series lecture organised by NITI Aayog in New Delhi today, Mr Modi said, transformation of governance needs transformation in mindset and transformative ideas.<br/><br/>He said development today depends quality of ideas and institutions. He also said, country has to change it laws, speed up processes and adopt technology for the development.<br/><br/>Mr Modi said, if India has to meet the challenge of change, mere incremental progress is not enough. He said, a metamorphosis is needed to meet the challenge. Mr Modi said, nations cannot march through the twenty first century with the administrative systems of the nineteenth century and there is need of collective opening of the minds, to let in new, global perspectives.<br/><br/>Mr Modi said, younger generation in India is thinking and aspiring so differently and government can no longer afford to remain rooted in the past. Mr Modi said, development now depends on the quality of institutions and ideas. He said, 30 years ago, a country might have been able to look inward and find its solutions but today, countries are inter dependent and inter connected. He said, no country can afford any longer to develop in isolation.<br/><br/>Prime minister said, this series is being inaugurated by Tharman Shanmugaratnam, one of the world's leading intellectuals, Deputy Prime Minister of Singapore. <br/><br/>Delivering the keynote address on the subject Fulfilling India's Potential in the Global Economy, Deputy Prime Minister of Singapore Tharman Shanmugaratnam said, skill and innovation along with technology can take India forward. <br/><br/>Stressing on empowerment of people, he emphasised on strong social and political cuture for a strong society. <br/>Mr. Shanmugaratnam said, education system is a big challenge in India and there is a need to increase the education budget. <br/><br/>Mr Shanmugaratnam expressed dissapoinment that nearly 43 per cent of students leave school before finishing upper primary level. <br/>He said, India has the biggest gap between talent in the top and unfullfiled expectations. <br/><br/>He also stressed on the need for trained teachers and quality training for them. He said, development of human capital is necessary to keep in pace with time. <br/><br/>Speaking on trade, Mr Shanmugaratnam stressed on India's deeper interaction with China and ASEAN countries. He also suggested to focus on exports. <br/><br/>He said, there is a need to change the land acquisition and employment laws as the legislations are discouraging foreign investments.