BRICS Summit: India world's most investment-friendly economy, says PM Modi

India is the world's "most open and investment friendly" economy, Prime Minister Narendra Modi said here on Thursday as he urged the BRICS business leaders to invest in the country and take advantage of its "limitless" possibilities and "countless" opportunities.

The five countries' grouping has led to economic development despite the global slowdown, Prime Minister Modi said in his address to the BRICS Business Forum.

"India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires USD 1.5 trillion investment," he said.

Noting that India has "limitless" possibilities and "countless" opportunities, he urged the BRICS business leaders to take advantage of them.

"I invite the business of BRICS countries to build and grow their presence in India.

"BRICS countries account for 50 per cent of the world's economic growth. Despite the recession in the world, BRICS countries accelerated economic growth, drove millions of people out of poverty and achieved new breakthroughs in technology and innovation. Now 10 years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future," Modi said.

Simplifying intra-BRICS business will increase mutual trade and investment, he said.

"Tax and customs procedures between us (the five countries) are getting easier. The business environment is getting easier with the collaboration between intellectual property rights, and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated.

"I would also like to request that priority areas in business be identified among us for the next 10 years and based on them blue print of intra-BRICS collaboration should be made," Modi said.

The Prime Minister said the market size, diversity and complementarities of the members of the BRICS countries were very beneficial to each other and urged the forum to map such complementarities in the five countries.

"If one BRICS country has technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertilizer, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities.

"The BRICS countries are well known for the hard work, talent and creativity of their people. Important initiatives like innovation BRICS Network, and BRICS Institution for Future Network will be considered during tomorrow's summit. I request the private sector to join these efforts focused on human resources. Connecting young entrepreneurs with these initiatives will also give more strength to business and innovation," Modi said.

There are possibilities of making tourism, business and employment between the BRICS (Brazil, Russia, India, China and South Africa) countries more easy, he said.

Modi thanked Brazilian President Jair Bolsonaro for his government's decision to give Indians visa-free entry in his country.

"I thank the President of Brazil for deciding the visa free entry to Indians. We five countries should also consider mutual social security agreement," Modi said.

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.