India set to become $5 trillion economy soon, says Narendra Modi; invites Korean businesses to invest in country

Prime Minister Narendra Modi on Thursday said fundamentals of the Indian economy are sound and it is on the way to becoming a $5 trillion economy soon. Addressing the India Korea Business Symposium in Seoul, he said. India is now a more open economy and has attracted $250 billion foreign direct investment (FDI) in the last four years. He said no other large economy in the world has grown at 7 percent year after year.

Exhorting Korean businessmen to invest in India, Prime Minister Narendra Modi on Thursday said India has emerged of a land of opportunities and the country seeks like-minded partners and among them South Korea is seen as a truly natural partner.

Reeling off statistics, Modi said that India is among top 10 trade partners of S Korea and the sixth largest export destination for Korean goods. India's trade volume has reached $21.5 billion for calendar year 2018.

India set to become  trillion economy soon, says Narendra Modi; invites Korean businesses to invest in country

Prime Minister launched the Startup Grand Challenge, on India-Korea startup Hub. Pic courtesy: @MEAIndia

The prime minister outlined the various decisions taken by the government for Korea with regard to ease of doing business with India. The negotiations to upgrade comprehensive economic partnership agreement have been fast tracked to achieve bilateral trade target by $50 billion in 2050, said.

Trade in investment terms is seeing a positive turn, he said. The sixth Korean trade office was recently launched in Ahmedabad, Modi said. The government has stared visa on arrival for Korea recently, he said.

Inviting South Korean businessmen to invest in India, Modi said: We are one of the most open countries for foreign direct investment. Over 90 percent of FDI is done through the automatic route for approval. India has received over $250 billion over the past four years, he said.

India, he said, has jumped to 77th spot on the World Bank's ease of doing business ranking on the back of reforms and is determined to break into the top 50 next year. The role of the government is to provide a support system, Modi said, adding that India has emerged as a land of opportunities.

--With PTI inputs

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Updated Date: Feb 21, 2019 14:27:59 IST

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