India world's most open, investment friendly economy: PM Modi at BRICS Business Forum

India is world's most "open and investment-friendly" ecomy, Prime Minister Narendra Modi said on Thursday as he wooed BRICS business leers, urging m to invest in country and take vant of its "limitless" possibilities and "countless" opportunities.

'India is most open and investment-friendly ecomy in world'

dressing closing ceremony of BRICS Business Forum, Prime Minister Modi said grouping of five countries h led to ecomic development despite global ecomic slowdown.

"India is most open and investment-friendly ecomy in world due to political stability, predictable policy and business-friendly reforms. By 2024, we want to make India a five trillion dollar ecomy. infrastructure alone requires USD 1.5 trillion investment," he said.

ting that India has "limitless" possibilities and "countless" opportunities, prime minister urged BRICS business leers to take vant of m.

"I invite business of BRICS countries to build and grow ir presence in India, BRICS countries account for 50 per cent of world's ecomic growth. Despite recession in world, BRICS countries accelerated ecomic growth, drove millions out of poverty and achieved new breakthroughs in techlogy and invation. w ten years after founding of BRICS, this forum is a good platform to consider direction of our efforts in future," Modi said.

prime minister said simplifying intra-BRICS business will increase mutual tre and investment. "Tax and customs procedures between us five countries are getting easier. business environment is getting easier with collaboration between intellectual property rights, and banks. I request BRICS Business Forum to study necessary business initiatives to take full vant of opportunities thus generated," he said. "I would also like to request that priority areas in business be identified among us for next ten years and based on blueprint of Intra-BRICS collaboration should be me," Modi said.

prime minister said market size, diversity and complementarities of members of BRICS countries were very beneficial to each or and urged forum to map such complementarities in five countries.

"If one BRICS country has techlogy, or is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital techlogy, fertilizer, agricultural products, food processing. I would urge forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by next BRICS Summit in which joint ventures can be formed between us on basis of complementarities," he said.

Important initiatives like invation BRICS Network and BRICS Institution for Future Network will be considered during tomorrow's summit. I request private sector to join se efforts focused on human resources. Connecting young entrepreneurs with se initiatives will also give more strength to business and invation," Modi said. prime minister said re was a possibility of making travel, business and employment between BRICS (Brazil, Russia, India, China and South Africa) countries easier. He thanked President of Brazil Jair Bolsonaro for his government's decision to give Indians visa-free entry in his country.

"I thank President of Brazil for deciding visa-free entry to Indians. We five countries should also consider mutual social security agreement," Modi said. Prime minister Modi is in Brazil for 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengn India's ties with world's five major ecomies.

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