PM Modi says Indian economy based on sound fundamentals, will soon reach USD 5 trn

Prime Minister Narendra Modi Thursday said the Indian economy is based on sound fundamentals and will in the near future double in size to USD 5 trillion, as he hardsold the country as a "land of opportunities" to investors in South Korea.

"No other large economy in the world is growing at over 7 per cent year after year," he said at the India-ROK Business Symposium here during his visit to the Republic of Korea.

Over 600 Korean companies such as Hyundai, Samsung and LG Electronics are already invested in India and the Prime Minister said "we aspire to welcome many more."
"And, we are determined to move into the top 50 next year," he said. "We are one of the most open countries for foreign direct investment today. More than 90 per cent of our sectors are now on automatic route for approval. As a result of this and the confidence in India, we have received FDI worth over USD 250 billion over the past four years."
"The negotiations to upgrade the Comprehensive Economic Partnership Agreement have been fast-tracked to achieve the bilateral trade target of USD 50 billion by 2030," he said. "Not just trade, in investment terms also we are seeing a positive turn. And Korean investments into India have reached a cumulative figure of almost USD 6 billion."