PM Modi noted how India is well on his way to become fifth largest economy in world

Ahead of national election, Prime Minister Narendra Modi said that India is well on way to becoming the fifth largest economy in the world.

He said that government is taking reform measures on a “daily basis” to further improve the investment climate in the country.

PM Modi was speaking at the India-South Africa Business Summit.

He said India is the world’s fastest-growing major economy and the government is committed to building a ‘New India’ with next-generation infrastructure.

At USD 2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.

The prime minister listed out some of the government flagship initiatives like boosting domestic manufacturing through Make in India and digitizing the economy through Digital India.

The Indian prime minister assured that the ‘New India’ would welcome the South African businesses to look at all available opportunities in areas such as food, agro-processing, deep mining, defence, insurance and infrastructure.

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