PM Modi says Indian economic s fundamentals strong, set to reach $5 trillion


Seoul: Fundamentals of the Indian economy are sound and it is on the way to becoming a $5 trillion economy soon, said Prime Minister Narendra Modi on Thursday.

Addressing the India-Korea Business Symposium in the South Korean capital, Modi said India, now a more open economy, has attracted $250 billion foreign direct investment (FDI) in the last four years.

No other large economy in the world has grown at 7 per cent year after year, he added.

India, PM Modi said, has jumped to 77th spot on the World Bank’s ease of doing business ranking on the back of reforms and is determined to break into the top 50 next year. The role of the government is to provide a support system, Modi said, adding that India has emerged as a land of opportunities.