India-Korea Business Summit: PM Modi pitches for foreign investments, says India one of the most open economies

By: |
Published: February 27, 2018 11:34:13 AM

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.

Pitching for foreign investments, Prime Minister Narendra Modi today said India is one of the most open economies in the world and is ready to do business with the world. (ANI)

Pitching for foreign investments, Prime Minister Narendra Modi today 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 of 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 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.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Modi government failed on the test of fiscal consolidation, says P Chidambaram
2As ‘stalled projects’ pile up, Modi government moves to change classification
3Terror financing: Five ways FATF placing Pakistan on ‘watchlist’ could hurt its economy