India is world's most open and investment-friendly economy: PM Modi at BRICS

WION Web Team New Delhi, Delhi, India Nov 14, 2019, 11.03 PM(IST)

Prime Minister Narendra Modi addresses the Plenary Session of the 11th BRICS summit in Brasilia. Photograph:( AFP )

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Prime Minister Narendra Modi also said that BRICS nations contribute to half of global economic development. 

Prime Minister Narendra Modi on Thursday said that India is the world's most open and investment-friendly economy due to political stability, predictable policy and business-friendly reforms.

In his speech, PM Modi termed India as a land of limitless opportunities and urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

Prime Minister Narendra Modi also said that BRICS nations contribute to half of global economic development. 

"BRICS nations contribute 50% to the economic development of the world. Despite global recession BRICS nations have contributed to economic development and brought crores of people out of poverty," said PM Modi at BRICS business forum.

Addressing the Dialogue with BRICS Business Council and New Development Bank, Prime Minister Modi urged the BRICS Business Council to create a roadmap to achieve the $ 500 billion intra-BRICS trade target by the next summit.

He also urged the BRICS business leaders to identify the priority areas in business for the next ten years and make a blueprint of it.