India is one of the world's most attractive economies for investment: PM Modi

Portraying India as an ideal investment destination, Prime Minister Narendra Modi on Sunday asserted that the country has done significant work in the field of taxation.

"In today's India, the contribution of the hard-working taxpayer is cherished. One area where we have done significant work is taxation. I am happy that India is one of the most people-friendly tax regimes. We are committed to further improving it even more," the Prime Minister said while speaking at an event here.

Pointing to several initiatives undertaken by his government, the Prime Minister said, "All of what I have said just now makes India one of the world's most attractive economies for investment. India received 286 billion US dollar FDI in the last five years. This is almost half of the total FDI in India in the last twenty years."

The Prime Minister stressed that India has seen many success stories in the last five years in various sectors and noted that the reason for this is not "only the Governments."

"India has stopped working in a routine bureaucratic manner," he said.

"You would be shocked to know that for years, money was spent on the poor which did not really reach the poor. Our Government ended this culture thanks to DBT. DBT stands for direct benefit transfer. DBT has ended the culture of middlemen and inefficiency," he added.

Reiterating his government's aim to make India a 5 trillion dollar economy, the Prime Minister said, "India is now pursuing another dream- to become a five trillion-dollar economy. When my Government took over in 2014, India's GDP was about 2 trillion dollars. In 65 years, 2 trillion. But in just 5 years, we increased it to nearly 3 trillion dollars."

"When India prospers, the world prospers. Our vision for India's development is such that it also leads to a better planet. In the spirit of our Act East Policy, we are paying special attention to enhance connectivity with this region. Direct connectivity between ports on Thailand's west coast and ports on India's east coast will enhance our economic partnership," he said.

Urging business leaders for investment in the country, the Prime Minister said, "For investment and easy business, come to India. To innovate and starting up, come to India. To experience some of the best tourist sites and warm hospitality of people, come to India. India awaits you with open arms."

Prime Minister Modi said it was the best time to be in India.

"I am eager to give you a picture of some positive changes happening in India today. I say this with full confidence, this is the best time to be in India," he told the gathering.

"Many things are rising while others are falling. Ease of doing business, ease of living, FDI, forest cover, patents, productivity, infrastructure are rising. While taxes, tax rates, red-tapism, corruption, cronyism are falling. The corrupt are running for cover. Middlemen in the corridors of power are history," the Prime Minister added.