SAN FRANCISCO (Diya TV) — Speaking at this year’s Gujarat Summit, Indian Prime Minister Narendra Modi told assembled business leaders Tuesday that the country was on the verge of becoming the world’s most digitalized economy, however, he strayed away from commenting on the aftereffects of his controversial demonetization program.

The summit, India’s largest annual investor meeting, was organized in the prime minister’s home state. Modi said his administration is firmly committed to continuing to reform the nation’s economy.

“We are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion,” Modi said during his address, adding that foreign direct investment in India has topped $130 billion since he assumed office. “We are on the threshold of becoming the world’s most digitized economy. Most of you wanted this change in India. I am proud to say that it is happening before you.”

“Creating an enabling environment for business, and attracting investments, is my top priority,” he added.

The address comes just weeks after his shocking Nov. 8 announcement to demonetize the country’s Rs 500 and 1,000 rupee notes, which made up 86 percent of India’s cash in circulation. Modi’s program caused widespread panic among the country’s citizens, sending them flocking to banks to exchange their illegal notes before the December deadline the prime minister had put in place.

Modi billed the program as an attempt to combat corruption and black money in the country.

However, the Indian government has struggled to print enough new notes to meet the exchange demand, creating further problems for a populous heavily dependent on cash transactions. Still, government officials are optimistic that major investment pledges will come out of the meeting, which is being held at a sprawling convention center in Gandhinagar.

“The summit is a symbolic gesture to lure investment, but companies will only invest if there are changes at the macro policy level,” professor Sebastian Morris of the Indian Institute of Management in Ahmedabad told NDTV.

Modi was scheduled to chair a CEO roundtable at the summit Tuesday, attended by nearly 60 top executives, including Cisco’s John Chambers, Trafigura Beheer’s Jeremy Weir, Fairfax Financial’s Prem Watsa and Peter Huntsman of Huntsman Corp, along with Indian business titans such as Mukesh Ambani and Ratan Tata.