India-Korea Business Summit 2018: Worked Hard To Create Stable Business Environment, Says PM Modi
In his pitch before the visiting Korean business delegation in New Delhi, Prime Minister Narendra Modi Tuesday said India is one of the very few countries whose economy is open and fosters growth. The prime minister was speaking at the India-Korea business summit in New Delhi on Tuesday.
Listing democracy, demography and demand as the three important factors for any thriving economy, PM Modi said that India is a combination of all three.
India is on a de-regulation and de-licensing drive, PM Modi said. “Validity period of industrial licenses has been increased from 3 years to 15 years,” he added.
Emphasizing on the change in the government’s approach towards broadening investment horizons, PM Modi said: “We have worked towards creating a stable business environment, removing arbitrariness in decision making. We seek positivity in day to day transactions. We are widening areas of trust. This represents a complete change of the Government’s mindset”
Marvelled at the strides taken by Korea in transforming into a global brand, PM Modi said: “I visited Korea when I was CM of Gujarat. I used to wonder how can a country make such progress! I admired the way they have created and sustained a global brand. Korea has given exemplary products to the world.”
Underlining India’s purchasing power among the world economic order, he said: 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.”
Welcoming Korean investors to India, he said: “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 and investments.”
He said India and Korea have so much in common: from Buddha to Bollywood and Princess to Poetry. “Relations between India-Korea dates back centuries. We are also bound by our Buddhist traditions. Nobel laureate Rabindranath Tagore composed poem ‘Lamp of the East’ in 1929 about Korea’s glorious past and its bright future,” he said.
Courtesy : indianexpress
