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India will soon become a $ 5 billion economy: Modi

Seoul : Inviting South Korea investors to take advantage of investment prospects in India, Prime Minister Narendra Modi on Thursday said that the foundation of Indian economy is strong and it is soon on the road to becoming a $ 5 billion billion economy. Modi was addressing the Indo-Korea Trade Summit here. He said that India is connected to the global economy and is now welcoming the investment by laying red rugs instead of red lipstick.Modi, while outlining the strength of the Indian economy, said that no other major economy of the world is growing at the rate of 7% per year. The Prime Minister said that more than 600 Korean companies, including Hyundai, Samsung and LG Electronics, have invested in India. He said that India is the land of opportunity.The Prime Minister said, we welcome more and more companies to invest. Car manufacturer Kia Motors is expected to join the club soon. Modi said that in order to facilitate business trips, since October last year, we have given Korean people the facility of visa on arrival. They said, the basic premise of our economy is strong. We are going to be a $ 5 billion billion economy in the near future.Modi said that by opening up stringent policy decisions like object and service tax (GST) and more sectors for foreign investment, India has been able to reach the 77th position with a jump of 65 places in the World Bank Business Facilitation List. He aims to include India in the list of top 50 business facilitating countries by next year. He said that for the foreign direct investment (FDI), we now have more open economy than before. It is now possible to make FDI in automatic approvals in more than 90 percent of the areas. This has led to increased faith in India and in the last four years the country has got FDI of $ 250 billion. The Prime Minister said that at the present time India is the sixth largest economy in the world with a size of 2.5 billion billion dollars. Now we are turning the agrarian country into an industry and a service-oriented economy.Friendly atmosphere for startupModi said that the government's work is to provide a system of cooperation. In order to provide a favorable environment for startup in the country, start-up India has started a special program for four years with a $ 1.4 billion fund. He said that our intention is to provide an India-Korea Startup Center that will provide a platform for open communication to Korean startup companies and Indian talent. South Korea's Information Technology Promotion Agency has already started its Indian office in Bangalore..