Modi invites global businesses to invest in India, says 'sky is the limit'

He was speaking at St Petersburg International Economic Forum in Russia

Prime Minister Narendra Modi on Friday invited global businesses to invest in India, saying its market of 120 crore people provides vast opportunities from agriculture to defence while being protected by political stability and a "vibrant" judicial system.

"The sky is the limit in India. You can venture here in any area you want (to do business)," Modi told a global audience in his plenary address at the St Petersburg International Economic Forum (SPIEF), St Petersburg.

This is the first time that an Indian prime minister is attending the SPIEF, which is held annually in St Petersburg, Russia's second-largest city and President Vladimir Putin's hometown.

Putin, who addressed the session before Modi, also spoke of Russia's attractiveness for investors, pointing out the technological advancements of its youth.

Modi said that his government's journey toward developing India is built on investments in infrastructure, agriculture, manufacturing and services.

"Fifty cities need metros, 500 cities need solid waste management and drinking water. Besides, India has the world's second largest railway network. It needs to be expanded, upgraded technologically to make it safer and reliable. The clean India movement has embarked on a program to clean the 2,500 km long Ganga," Modi said.

All this provides immense opportunities for investment, he said.

In agriculture, he said his emphasis is on "seed to market," and increasing yield through technological intervention, organic farming and value addition through food processing, he said.

The market is open even for defence manufacturing, tourism, hospitality and medical devices.

"I invite you all. A nation of 1.2 billion people invites the world. The world's oldest civilisation invites you all," he said.