Asserting that India will very soon become the world’s fifth largest economy by nominal GDP, Prime Minister Narendra Modi on Tuesday said his government was working continuously to improve the business climate and called upon South Korean investors to take advantage of the country’s potential in terms of its huge market and enabling policy environment.
Addressing the India-Korea Business Summit here, Modi said his government was working with a mission of transforming India “from an old civilisation into modern society and an informal economy into a formal economy.”
He listed in detail steps taken over the last nearly four years to improve the business environment and assured Korean businessmen of his personal support in their contributions to the Indian economy.
“India is now ready for business. India is now a free destination for enterprise. You will not find such a free and growing market anywhere in the world. I further assure you that whatever is required to promote and protect your investments will be done here. Because we value your involvement and contribution in our economy. At a personal level too, I assure you of my full support whenever required,” Modi said.
He said bilateral trade between India and South Korea in 2017 reached $20 billion, the first time in six years.
“South Korea ranks only 16th in FDI (Foreign Direct Investment) equity inflows to India. India offers a lot of potential for the Korean investors with its huge market and enabling policy environment,”
Inviting companies to invest in India, he said: “In FDI, we are one of the most open countries now. Most of the sectors of our economy are open for FDI.”
Modi added that more than 90 per cent FDI approvals have been put on the automatic route.
There is practically no requirement of government approval for investments in the manufacturing sector except for the defence sector, Modi said.
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