India economy would more than double and touch USD 5 trillion by 2025, Prime Minister Narendra Modi said on Tuesday while addressing the World Economic Forum in Davos.
Pitching India as an attractive investment destination, Modi said the 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 added.
PM Modi also said new doors for Foreign Direct Investment (FDI) are being opened and 1,400 archaic laws that hampering the country’s progress have been scrapped.
“Goods and Services Tax (GST) has been implemented, technology is being used to increase transparency. Democracy, demography and dynamism are shaping our destiny today,” he further said.
Narendra Modi is the first Indian Prime Minister to attend the WEF in Davos since Deve Gowda in 1997.
The top annual global business is being attended by 70 head of states. 38 heads of major international organisations such as the WTO, the IMF and the World Bank, and nearly 2,000 CEOs including over 100 from India are present at the summit.