Prime Minister Narendra Modi on Tuesday saif India will become a US $5 trillion by 2025 while incited business leaders to invest in India.
Speaking at the World Economic Forum in Davos, Modi said his government is following the principle of reform, perform and transform.
"We have made it so easier to invest in India, manufacture in India and work in India. We have decided to uproot licence and permit Raj. We are replacing red tape with red carpet," he said.
Modi is leading a big government and business delegation to the summit in Davos, the first Indian prime minister do so in 21 years, aiming to showcase India as a fast-growing economic power and a potential driver of global growth.
During his keynote address at the opening session of the World Economic Forum, Modi said India is open for business despite the rise of protectionism and loss of appeal in globalisation.
The Prime Minister's address came a day after the International Monetary Fund (IMF) in its projection has said that Indian economy will grow at 7.4% in 2018 as against China's 6.8%.
It also said that due to its growth in 2018, India will become fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST.
Besides IMF forecast, India has also emerged as the fifth most attractive market for investments and the optimism over global economic growth is at a record level, PwC survey of CEOs revealed.
In PwC survey, India had beat Japan to become the favourable market.
PwC's 21st CEO survey said,"The US remains the top spot for global investment, while India moves into the top 5"
On Monday, PM Modi held a roundtable meeting with the CEOs of top global companies under the tagline of "India means business".
The roundtable was attended by 40 CEOs of global companies and 20 from India.
Following are the LIVE updates:
7:20 PM: PM Modi interacting with the top global CEOs at the International Business Council event
7:00 PM: PM Modi interacts with International Business Council
6:30 PM: PM Modi meets Queen Maxima of Netherlands on the sidelines in Davos
6:20 PM: PM Modi poses with Indian CEOs in Davos
5:30 PM: PM Modi meets Canadian PM Justin Trudeau in Davos
4:51 PM: Prime Minister Narendra Modi concludes his address at the Davos summit.
4:50 PM: If you want wealth with wellness then come to India, PM Modi says while inviting investors to make in India.
4:48 PM: Working, travelling and manufacturing in India are easier than before. We have eliminated red tapism: PM Modi
4:45 PM: In a fractured world, we need to ensure the major powers co-operate, and that competitiveness among nations does not become a wall between us, PM Narendra Modi says.
4:42 PM: Change in India's ranking is an indicator that the people in India have warmly welcomed the change in policies as the road to a better future for them: PM
4:39 PM: My government's motto is 'Sabka Saath Sabka Vikas': PM Modi
4:38 PM: More than 1400 older laws that created difficulties have been changed within 3 years. Shows the strength of the govt. GST was brought about to transform the finances of India. This was welcomed by businesses globally: PM Modi
4:34 PM: PM Narendra Modi promotes 'Make in India' initiative from the global platform at Davos.
4:32 PM: Many societies and countries are becoming self-centred. It seems that gloabalisation, as opposed to its definition, is shrinking: PM Modi
4:30 PM: India aims to produce 175 GW of renewable energy by 2022, says PM Narendra Modi in Davos. In the last three years we have achieved a third of our goal, he adds.
4:24 PM: Terrorism is posing a serious danger to the worls. It is worse when people differentiate between 'good' and 'bad' terror: PM Narendra Modi
4:24 PM: It is painful to see some youngsters are being radicalised: PM Modi
4:20 PM: At present, climate change is a huge threat, snow in the Arctic is melting and many islands are sinking or are about to sink: PM Narendra Modi in Davos
4:15 PM: PM Narendra Modi mentions the negative impact of global warming worldwide.
4:10 PM: This year the topic here is 'Creating a shared future in a fractured world'. New powers are changing the balance between Economic and Political strength, says PM Narendra Modi.
4:10 PM: World is facing challenges in maintaining peace, stability and security, says PM Narendra Modi
4:07 PM: In 1997, Euro was not a currency, tweeting was the job of birds and Harry Potter did not exist and nobody even thought then Brexit is even a possibility, says PM Narendra Modi.
4:06 PM: In 1997 Davos summit was ahead of time and still is, says PM Narendra Modi in WEF summit.
4:05 PM: Last time in Davos, the Indian PM travelled in 1997 when India's GDP was just a little more than $400 billion. Now, after two decades, it has increased 6 per cent: PM Narendra Modi in Davos
4:02 PM: I am delighted to be here at Davos at 48th summit of the World Economic Forum: Prime Minister Narendra Modi
4:00 PM: Prime Minister Narendra Modi delivers the opening address at the plenary in Davos summit.
3:46 PM: Swiss Confederation President Alain Berset is prsently addressing the WEF forum in Davos. PM Modi's address will soon follow.
3:43 PM: Welcome remarks and a special address begins at the Plenary of the World Economic Forum
3:38 PM: Foster Awintiti Akugri, a 23-year-old computer scientist from Ghana, is the youngest participant at WEF this year.
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 "Modi gestures as he attends the Opening Plenary during the WEF annual meeting in Davos")
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