India has transformed into one of world's most open economies: PM Modi

Highlighting his government's initiatives to streamline and simplify governance, especially in doing business in India, in the last two years in office, Prime Minister Narendra Modi today said that India has transformed into one of the world's most open economies.

The Prime Minister, who was speaking at the BRICS Business Council, said business communities are strongest proponents for closer and faster commercial cooperation as their partnerships create wealth and value in our societies.

"In India, we've undertaken substantial reforms in the last two years to streamline and simplify governance, especially doing business in India," said Prime Minister Modi.

"We have moved up in almost all global indices that measure such performances. We have transformed India into one of world's most open economies. Growth is strong and we are taking steps to keep the momentum going," he added.

Prime Minister Modi expressed his delight to note that the BRICS Business Council also has matching priorities of ease of doing business, dismantling trade barriers, promoting skill development, established manufacturing supply chains and infrastructure development.

"We count on the BRICS Business Council to work with us to achieve our common aim, strengthening mutual trade, enhancing business opportunities, building investment linkages, promoting innovation and removing bottlenecks to intra-BRICS commerce," he said.

Prime Minister Modi further said the success of the National Development Bank (NDB) is concrete result of our common efforts, adding it has kept clean energy, green and sustainable infra as its priority.

"We would encourage the BRICS Business Council to work closely with the NDB on identifying and implementing prospective economic projects," he said.