Indian economy’s fundamentals are sound, set to reach $5 trillion, says PM in Seoul

Prime Minister Narendra Modi Thursday announced the fundamentals of the Indian economy were sound and it is on the way to becoming a $5 trillion economy soon.

Addressing the India-Korea Business Symposium in Seoul, he said India was now a more open economy and had attracted $250 billion foreign direct investment (FDI) in the last four years.

PM Modi arrives in South Korea on a two-day visit to bolster strategic ties

He stated no other large economy in the world had grown at 7 percent year after year.

India, he said, had jumped to 77th spot on the World Bank’s ‘ease of doing’ business ranking on the back of reforms and was determined to break into the top 50 next year.

The role of the government was to provide a support system, Modi said, adding that India had emerged as a land of opportunities.