India will soon become 5th largest economy by nominal GDP, says PM Modi at India-Korea Business Summit

Prime Minister Narendra Modi on Tuesday said that India already has become the third-largest economy by purchasing power and it would soon become the world's fifth-largest economy by nominal GDP. 

"We are also the fastest growing major economy of the world today and a nation with the one of the largest start up eco-systems", he said while addressing the second India-Korea Business Summit 2018 in New Delhi.

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

— PMO India (@PMOIndia) February 27, 2018

Prime Minister Narendra Modi also invited Korea to invest in India and said that India had Democracy, Demography, and Demand.

From Princess to Poetry and from Buddha to Bollywood; India & Korea have so much in common: PM @narendramodi

— PMO India (@PMOIndia) February 27, 2018

"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", he said.

If you see around the globe, there are very few countries where you have three important factors of economy together. They are: Democracy, Demography and Demand. In India, we have all the three together: PM @narendramodi

— PMO India (@PMOIndia) February 27, 2018

He also said "If you see around the globe, there are very few countries where you have three important factors of economy together. They are - Democracy, Demography and Demand. In India, we have all the three together".

We are on a de-regulation and de-licensing drive. Validity period of industrial licenses has been increased from three years to fifteen years and more: PM @narendramodi

— PMO India (@PMOIndia) February 27, 2018

PM Modi further added "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. This represents a complete change of the government’s mindset".

PM @narendramodi in the Roundtable with Korean CEOs at India-Korea Business Summit, New Delhi pic.twitter.com/AssUsIX2kQ

— PIB India (@PIB_India) February 27, 2018

The PM added that the relations between India and 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.

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: PM

— PMO India (@PMOIndia) February 27, 2018

Union Finance Minister Arun Jaitley, Union Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, and the top officials of Ministry of Commerce and Industry would also address the summit.

This year, the theme of the summit is 'India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments'.

The summit aims to create the framework for an open and action-oriented dialogue between top business leaders and the government officials from India and Korea.

The agenda of the summit would focus on specific sectors where new and immediate opportunities exist for Korean and Indian companies such as Infrastructure, ICT, Power, Smart Cities, Manufacturing and other strategic areas of collaborations.

Over 200 business delegates including top executives of some leading Korean business conglomerates and Government officials are participating in the Summit. India and Korea are the third and fourth largest economies in Asia.