India to become $5 trillion economy by 2025, it is open for business: PM Modi tells business leaders at Davos

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.

Live now: The opening plenary with @narendramodi, Prime Minister of India https://t.co/K3Sd7kKGgs #modi #wef18 pic.twitter.com/E6HyY9DcIM

— World Economic Forum (@Davos) January 23, 2018

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%. 

First stop, the iconic Davos Congress Center for the plenary session which will be followed by a bilateral meeting with the Minister of Foreign Affairs, Georgia.#WEF2018 #IndiaAtDavos #TeamIndia #IndiaMeansBusiness pic.twitter.com/jhFQ5N0tXy

— Suresh Prabhu (@sureshpprabhu) January 23, 2018

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". 

In Davos, PM @narendramodi interacted with top CEOs. He spoke about India’s economic development and the investment opportunities in the nation. #IndiaMeansBusiness pic.twitter.com/LmRR28k9xL

— PMO India (@PMOIndia) January 23, 2018

The roundtable was attended by 40 CEOs of global companies and 20 from India.

Prime Minister Narendra Modi met President of Switzerland Alain Berset and Professor Klaus Schwab (Executive Chairman of the #WorldEconomicForum) in #Davos pic.twitter.com/CSbmb0HvHx

— ANI (@ANI) January 23, 2018

Following are the LIVE updates: 

7:20 PM: PM Modi interacting with the top global CEOs at the International Business Council event

PM @narendramodi interacting with the top global CEOs at the International Business Council event in #Davos. #IndiaMeansBusiness pic.twitter.com/Df4nXE0r2Q

— PIB India (@PIB_India) January 23, 2018

7:00 PM: PM Modi interacts with International Business Council 

PM Narendra Modi in an interaction with International Business Council .#WorldEconomicForum #Davos pic.twitter.com/90pgQSQqmk

— ANI (@ANI) January 23, 2018

6:30 PM: PM Modi meets Queen Maxima of Netherlands on the sidelines in Davos

PM Narendra Modi meets Queen Maxima of Netherlands on the sidelines of the #WorldEconomicForum in #Davos pic.twitter.com/sXyGTaB8EH

— ANI (@ANI) January 23, 2018

6:20 PM: PM Modi poses with Indian CEOs in Davos

PM Narendra Modi with Indian CEOs at #WorldEconomicForum in #Davos pic.twitter.com/1Lwi9mhE6L

— ANI (@ANI) January 23, 2018

5:30 PM: PM Modi meets Canadian PM Justin Trudeau in Davos

PM Narendra Modi met his Canadian counterpart Justin Trudeau in #Davos #WorldEconomicForum pic.twitter.com/iosXbvUTtn

— ANI (@ANI) January 23, 2018

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. 

Let us create a 'heaven of freedom', where there is cooperation and not division, fractures. @wef #IndiaMeansBusiness pic.twitter.com/XCaxMOp7Wf

— PMO India (@PMOIndia) January 23, 2018

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

India in the 21st century. @wef #IndiaMeansBusiness pic.twitter.com/IwsQXJxV5x

— PMO India (@PMOIndia) January 23, 2018

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

हम मानते हैं कि प्रगति तभी प्रगति है, विकास तभी सच्चे अर्थों में विकास है जब सब साथ चल सकें।#IndiaMeansBusiness pic.twitter.com/LkSvGPYvVp

— PMO India (@PMOIndia) January 23, 2018

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. 

PM @narendramodi talks about globalisation and protectionism. @wef. #IndiaMeansBusiness pic.twitter.com/nw4ftbaUtx

— PMO India (@PMOIndia) January 23, 2018

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

.@narendramodi says he believes there are three main challenges that threaten the future humanity, the first being climate change. Mahatma Gandhi was against greed and exploitation, so how have we moved to greed-based consumption, he asks #modi

— World Economic Forum (@Davos) January 23, 2018

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

Care towards the environment is a part of India's culture. @wef #IndiaMeansBusiness pic.twitter.com/imrr47ufJJ

— PMO India (@PMOIndia) January 23, 2018

4:15 PM: PM Narendra Modi mentions the negative impact of global warming worldwide. 

Mukesh Ambani and Shahrukh Khan in the audience as PM Modi addresses the plenary session of the #WorldEconomicForum in #Davos pic.twitter.com/thfl5Lc4qy

— ANI (@ANI) January 23, 2018

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. 

We believe in linking people, not bending them or breaking them, says @narendramodi. But the challenges the world faces are as numerous as they are daunting #modi #wef18 https://t.co/mwwgMG1Ol7

— World Economic Forum (@Davos) January 23, 2018

4:10 PM: World is facing challenges in maintaining peace, stability and security, says PM Narendra Modi

India has always believed in values of integration and unity. @wef #IndiaMeansBusiness pic.twitter.com/YJCOylAXVN

— PMO India (@PMOIndia) January 23, 2018

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. 

Technology is assuming immense importance in this era. @wef #IndiaMeansBusiness https://t.co/plnF2ehgs8 pic.twitter.com/ua1z8tX2oL

— PMO India (@PMOIndia) January 23, 2018

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

A vital theme chosen by the @wef. #IndiaMeansBusiness pic.twitter.com/JC1h5PPUd6

— PMO India (@PMOIndia) January 23, 2018

4:02 PM: I am delighted to be here at Davos at 48th summit of the World Economic Forum: Prime Minister Narendra Modi

I am happy to be in Davos to address the @wef. This Summit seems to find solutions to the various problems the world faces. I thank the people and Government of Switzerland for the warm welcome here: PM @narendramodi #IndiaMeansBusiness https://t.co/plnF2ehgs8 pic.twitter.com/pO40NbSkza

— PMO India (@PMOIndia) January 23, 2018

4:00 PM: Prime Minister Narendra Modi delivers the opening address at the plenary in Davos summit. 

Welcoming @narendramodi Prime Minister of India, Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, says that in a seemingly fractured world, India represents an image of dynamism and optimism #modi #wef18 https://t.co/mwwgMG1Ol7

— World Economic Forum (@Davos) January 23, 2018

3:46 PM: Swiss Confederation President Alain Berset is prsently addressing the WEF forum in Davos. PM Modi's address will soon follow.

#WATCH Prime Minister Narendra Modi addresses the plenary session of the #WorldEconomicForum in #Davos https://t.co/s6NjZ0Ry3Q pic.twitter.com/vW7WyMtXze

— ANI (@ANI) January 23, 2018

3:43 PM: Welcome remarks and a special address begins at the Plenary of the World Economic Forum

Live now: Welcoming remarks and a special address https://t.co/pf8RtpLwbY #wef18 @alain_berset pic.twitter.com/n48oUhiJHT

— World Economic Forum (@Davos) January 23, 2018

3:38 PM: Foster Awintiti Akugri, a 23-year-old computer scientist from Ghana, is the youngest participant at WEF this year.
 

9 things you probably didn't know about Davos https://t.co/6xr5cPHXUn #wef18

— World Economic Forum (@Davos) January 23, 2018