India to become $5 trillion economy by 2025: PM Modi

Power brokers who met in Davos this week barely acknowledged the grave threat that China poses to free trade. Photograph:( Others )

WION Web Team Davos, Switzerland Jan 23, 2018, 05.51 PM (IST)

India is working toward a five trillion dollar economy by 2025, Prime Minister Narendra Modi said on Tuesday at the plenary session of the World Economic Forum in Davos.

PM Modi also highlighted the reforms and policies his administration had undertaken to make India more open.

He said his government had abolished some 1,400 archaic laws and is heading towards making India the third-largest consumer market in the world by 2015.

"India is removing the red tape and laying out the red carpet," said Mr Modi, the first Indian prime minister in two decades to attend the high-level forum.

"Almost all areas of our economy have been opened to foreign direct investment," he said. 

He sought to hard sell India as an investment destination, saying those wanting wealth with wellness and peace with prosperity should come to the country.

Prime Minister Narendra Modi, who arrived in the snowy town of Davos in Switzerland, addressed the plenary session of the 48th World Economic Forum (WEF) in Davos, Switzerland. 

In a nearly-hour long speech delivered in Hindi, Modi showcased India’s growth story to world leaders and called out for tackling the three major challenges the world faces currently — climate change, terrorism and threat to globalisation.