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India ready to do business, will be world’s fifth largest economy: PM Modi

Prime Minister Narendra Modi said the country had three important factors – democracy, demography and demand – that would boost India’s economy while speaking at the India-Korean Business Summit in New Delhi on Tuesday.

business Updated: Feb 27, 2018 13:29 IST
Agencies, New Delhi
Narendra Modi,India-Korea Business Summit,Foreign Investment
Prime Minister Narendra Modi pitched India as one of the most open economies in the world at the India-Korea Business Summit in New Delhi on Tuesday.(AFP File Photo)

Pitching for foreign investments, Prime Minister Narendra Modi on Tuesday said India is one of the most open global economies and is ready to do business with the world.

Speaking at the India-Korea Business Summit, he said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making.

“We seek positivity in day-to-day transactions. We are widening areas of trust rather than digging into doubts. This represents a complete change of the government’s mindset,” he said.

India, he said, is already the third-largest economy in terms of purchasing power. “Very soon, we will become the world’s fifth-largest economy by nominal GDP. We are also the fastest-growing major economy of the world today,” he said.

“We are also a country with the one of the largest start-up eco-systems,” he added.

Stating that the government is on a de-regulation and de-licensing drive, Modi said validity period of industrial licences has been increased from three years to 15 years and more.

“If you see around the globe, there are very few countries where you have three important factors of economy together. They are: democracy, demography and demand. In India, we have all the three together,” he said.

To the Korean businessmen, he said India is now ready for business and promised to do whatever is required to “promote and protect” their investment.

‘Bilateral trade between India and South Korea reached $20 billion in 2017’

The prime minister added that bilateral trade between India and South Korea in 2017 reached $20 billion, the first time in six years.

Speaking of the “spirit of entrepreneurship of South Koreans”, he said he admires the admires “the way in which they have created and sustained their global brands, from information technology and electronics to automobile and steel, Korea has given exemplary products to the world.”

He also said South Korean companies are appreciated for their innovation and strong manufacturing capability.

First Published: Feb 27, 2018 11:51 IST