Welcoming Koreans PM Modi says India is a combination of Democracy, Demography, Demand; fastest growing major economy of the world
New Delhi, February 27: India-Korea share many things in common, from Princess to Poetry and from Buddha to Bollywood; India & Korea have so much in common. Listing democracy, demography and demand as 3 important factors for any thriving economy, India is a combination of all three, said Prime Minister Narendra Modi today while addressing the India-Korea Business Summit in New Delhi.
Addressing the India-Korea business summit, PM Modi said that I admire the spirit of entrepreneurship of the Korean people. I admire the way in which they have created and sustained their global brands. From IT and Electronics to Automobile and Steel, Korea has given exemplary products to the world.
Inviting Koreans in India for working together, PM Modi said that a need for a hand-holding agency was felt during my visit to Korea. Thus, 'Korea Plus' was formed in June 2016. Korea Plus has facilitated more than 100 Korean Investors in just 2 years. This shows our commitment towards welcoming Korean people, companies, ideas & investments.
We have worked towards creating a stable business environment, removing arbitrariness in decision making. We seek positivity in the day to day transactions. We are widening areas of trust; rather than digging into doubts. This represents a complete change of the government’s mindset, PM Modi added. Further, he said that we are on a de-regulation and de-licensing drive. The validity period of industrial licenses has been increased from three years to fifteen years and more.
He continued saying that we are working with the mission of Transforming India from: An old civilization into a modern society and An informal economy/ into a formal economy.
We are already the third-largest economy by 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. We are also a country with the one of the largest Start up eco-systems, PM Modi informed.