Invest in ‘ open’ India, says PM

MR MODI ADDED THAT INDIA IS A HUGE AND EMERGING MARKET AND CAN BE A BRIDGE FOR KOREAN BUSINESS TO PENETRATE THE MIDDLE EAST AND AFRICAN MARKETS.

New Delhi, Feb. 27: Prime Minister Narendra Modi on Tuesday promised to protect and promote investments as he sought foreign funds to boost growth, saying that India is a free destination for enterprise and ready for business.

Speaking at the IndiaKorea Business Summit organised jointly by CII and DIPP, he said his government has worked towards creating a stable business environment and removed arbitrariness in decision- making.

“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,” he said.

In FDI, the Asia’s third largest economy is one of the most open countries with most sectors open for foreign investment and more than 90 per cent approvals put on automatic route.

“There is practically no requirement of government approval for investments in manufacturing sector except for Defence sector,” he said. “I further assure you that whatever is required to promote and protect your investments will be done here.”

Mr Modi said his government has “worked towards creating a stable business environment, ensuring the rule of law, and removing arbitrariness in decision making”.

India and Korea are major economies in the region. Our partnership has immense potential to promote regional growth, development, stability and prosperity in Asia. — Narendra Modi