India is open for business, says Prime Minister Narendra Modi

Indian Spokesman Correspondent

DAVOS: India is open for business, Indian Prime Minister Narendra Modi told the World Economic Forum on Tuesday.

Modi is leading a big government and business delegation to the summit in Davos, the first Indian prime minister do so in 21 years, aiming to showcase India as a fast-growing economic power and a potential driver of global growth.

Prime Minister Narendra Modi flagged climate change, terrorism and protectionism in trade policies as grave challenges before the world at the World Economic Forum (WEF) annual meeting in Davos, Switzerland.Modi started his address at the plenary session by saying that when an Indian Prime Minister, HD Deve Gowda, came here in 1997, India’s GDP was a little more than $400 billion, but now it has increased more than six times. In his speech, the PM said work was in progress to achieve a target of $5 trillion for the Indian economy by 2025 although he did not spell out any specifics. The current size of the Indian economy is around $2.3 trillion.

Speaking in Hindi, Modi identified protectionism as a major threat that he said was the reverse of globalisation which he said was losing its sheen. He said that various types and tariff and non-tariff barriers were being imposed while cross-border trade, multilateral trade agreements and global supply chain were at a standstill.

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