AMN /NEW DELHI
Prime Minister Narendra Modi said, his government is working with the mission of Transforming India from an old civilization into a modern society, an informal economy into a formal economy. Addressing the 2nd India-Korea Business Summit here today, Mr Modi said, the government has worked towards creating a stable business environment, removing arbitrariness in decision making. He said India is on a de-regulation and de-licensing drive. Mr Modi said validity period of industrial licenses has been increased from three years to fifteen years and more.
Prime Minister said, India is already the third-largest economy in terms of purchasing power and very soon, it will become the world’s fifth-largest economy by nominal GDP. He said India is also the fastest growing major economy in the world today and a country with one of the largest Startup eco-systems. Mr Modi said, there are very few countries where people have three important factors of economy Democracy, Demography and Demand together. He said, in India, we have all the three together.
Prime Minister said, there is huge scope for collaboration between Indian and Korean IT industries. Mr Modi said that in fields like Energy, Smart Cities, Shipping and Railways, collaboration can be expanded. He said, ‘Korea Plus’ initiative has facilitated over 100 companies in the last two years. Mr Modi said this shows our commitment towards welcoming Korean people, companies, ideas and investments.
Mr Modi said, he admires the spirit of entrepreneurship of the Korean people and the way in which they have created and sustained their global brands. He said, from Princess to Poetry and from Buddha to Bollywood, India and Korea have so much in common.