India World’s most open, investment friendly economy: Prime Minister tells BRICS Bloc

India is the world’s most “open and investment friendly” economy, Prime Minister Narendra Modi told business leaders of the BRICS group in Brasalia, urging them to invest in the Country and take advantage of its “limitless” possibilities.

Modi said recently the five countries of the BRICS bloc were reporting economic growth at a time of global economic slowdown. “India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five-trillion-dollar economy.

The infrastructure alone requires$1.5 trillion investment,” he said at the BRICS Business Forum. “I invite the business of BRICS countries to build and grow their presence in India,” he said as he spoke about his country’s “limitless” possibilities and “countless” opportunities.

“BRICS countries account for 50 per cent of the world’s economic growth. Despite the recession in the world, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation. Now ten years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future.”

The Prime Minister said simplifying intra-BRICS business will increase mutual trade and investment.

“Tax and customs procedures between us five countries are getting easier. The business environment is getting easier with the collaboration between intellectual property rights, and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated,” he said.

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