Prime Minister Narendra Modi has urged business leaders from the BRICS nations to invest in India, particularly in its infrastructure development, saying the country is the world’s most open and investment friendly economy.
Addressing the closing ceremony of the BRICS Business Forum in Brasalia, the capital of Brazil, he said India is the world’s most open and investment friendly economy due to political stability, predictable policy and business friendly reforms. He said India a land of limitless opportunities.
Mr Modi said the BRICS, a grouping of five countries — Brazil, Russia, India, China and South Africa — had led to economic development despite the global economic slowdown.
He said BRICS 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.
Prime Minister Modi is in Brazil to attend the 11th BRICS Summit. It will focus on building mechanisms for counter-terrorism cooperation and strengthen India’s ties with the world’s five major economies.