India is one of the most open economies: PM Modi
Seeking 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. During his address at the India-Korea Business Summit, the prime minister said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making. Here's more on what he said.
India is third-largest economy in terms of purchasing power: Modi
"We seek positivity in day-to-day transactions. We are widening areas of trust rather than digging into doubts. This represents a change of the government's mindset," he added. Stating that India is the third-largest economy in terms of purchasing power, Modi said, "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."
India has all the factors needed for a thriving economy
"We are also a country with the one of the largest start-up eco-system," he added. Stating that democracy, demography, and demand are the three important factors of economy, PM Modi said that India is a combination of all three. 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.
