IndiaSouth Korea bilateral trade touched $20 bn in 2017, says PM
NEW DELHI: Pitching for foreign investments, Prime Minister Narendra Modi on Tuesday said India is one of the most open global economies 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-today 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-systems,” he added.
Stating that the government is on a deregulation and delicensing drive, Modi said validity period of industrial licences has been increased from three years to 15 years and more.
The prime minister also claimed that the bilateral trade between India and South Korea in 2017 reached $20 billion, the “first time in six years”.