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

Addressing the closing ceremony of the BRICS Business Forum, prime minister Modi said the grouping of five countries had led to economic development despite the global economic slowdown.

India is the world’s most “open and investment friendly” economy, Prime Minister Narendra Modi said here on Thursday as he wooed the BRICS business leaders and urged them to invest in the country’s infrastructure development.

Indian Prime Minister Narendra Modi arrives at the Itamaraty Palace, in Brasilia, Brazil on November 13.(REUTERS)

Addressing the closing ceremony of the BRICS Business Forum, prime minister Modi said the grouping of five countries had led to economic development despite the global economic slowdown.

Terming India a land of limitless opportunities, the prime minister urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

“India is the world’s most open and investment friendly economy due to political stability, predictable policy and business friendly reforms,” Modi said.

“BRICS countries account for 50 per cent of the world’s economic growth. Despite the recession in the world, BRICS countries accelerated economic development, brought millions out of poverty and achieved new breakthroughs in technology and innovation,” he said.

The prime minister also thanked President of Brazil Jair Bolsonaro for his government’s decision to give Indians visa-free entry in the latin American country.

He said the BRICS nations (Brazil, Russia, India, China and South Africa) should also deliberate on mutual social security agreement.

“I would also like to suggest that by the next BRICS Summit, at least five such areas should be identified in which joint ventures can be formed between us on the basis of complementarities,” he said.

“Important initiatives like innovation BRICS Network, and BRICS Institution for Future Network will be considered during the summit tomorrow. I request the private sector to join these efforts focused on human resources,” Modi said in his brief address.

Prime minister Modi is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengthen India’s ties with the world’s five major economies.