Indian economy set to reach USD 5 trillion: PM Modi

Speaking at the India Korea Business Symposium in Seoul, Prime Minister Narendra Modi Thursday said fundamentals of the Indian economy are sound and it is on the way to becoming a USD 5 trillion economy soon.

“No other large economy in the world is growing at over 7 per cent year after year,” he said during his visit to the Republic of Korea.

“India has emerged as a land of opportunities. While we work for realizing the ‘Indian Dream’, we seek like-minded partners. And, among them, we see South Korea is truly natural partner,” he said.

India is among the top 10 trade partners of Korea and India is the 6th largest export destination for Korean goods.

Modi said hard policy decisions such as the introduction of the Goods and Services Tax (GST) and opening up of more sectors has helped India jump 65 places on the World Bank’s Ease of Doing Business ranking to the 77th position.

“And, we are determined to move into the top 50 next year,” he said. “We are one of the most open countries for foreign direct investment today. More than 90 percent of our sectors are now on automatic route for approval. As a result of this and the confidence in India, we have received FDI worth over USD 250 billion over the past four years.”

“Economic progress is closely tied to world-class infrastructure. Be it transport, power, ports, shipbuilding, housing, and urban infrastructure, there is a huge demand in India while there are strong technological capabilities and capacities in Korea. We estimate the investment requirements in infrastructure at over USD 700 billion by 2022,” he said.

“Our vision of India-Korea Startup Centre will provide a hub for Korean startups and Indian talent to freely communicate. South Korean national IT promotion agency has already opened Indian offices in Bengaluru,” he added.