Korea Summit: Modi woos foreign investors, says India most open economy

At India-Korea Business Summit PM Modi said, his government has worked hard to create a stable business environment by widening areas of trust

Pitching for foreign investments, Prime Minister Narendra Modi on Tuesday said India is one of the most open economies in the world 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 in the world today," he said.

"We are also a country with the one of the largest start-up eco-system," 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 fifteen years and more.

"If you see around the globe, there are very few countries where you have three important factors of the 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.