QuoteIndia has Democracy, Demography and Demand altogether: PM Modi at India-Korea Business Summit
QuoteWe have worked towards creating a stable business environment, removing arbitrariness in decision making, says PM Modi
QuoteWe are on a de-regulation and de-licensing drive. Validity period of industrial licenses has been increased from 3 years to 15 years and more: PM
QuoteWe are working with the mission of Transforming India from an informal economy into a formal economy: PM Modi
QuoteIndia is the fastest growing major economy of the world today: PM Modi
QuoteWe are also a country with the one of the largest Start up eco-systems: PM Modi at India-Korea Business Summit

Minister of Trade, Industry and Energy of the Republic of Korea;

Minister for Commerce & Industry, Government of India;

President and CEO of the Chosun-ilbo Group;

Business Leaders of Korea and India;

Ladies and Gentlemen,

I am very happy to be here with you. Such a large gathering of Korean companies in India is actually a global story. I take this opportunity to welcome all of you to India. The relationship between India and Korea dates back centuries. It is believed that an Indian Princess travelled to Korea and became a queen in Korea. We are also bound by our Buddhist traditions. Our Nobel Laureate Rabindranath Tagore composed a poem – 'Lamp of the East' - in 1929 about Korea's glorious past and its bright future. Bollywood films are also very popular in Korea. And at the Pro-Kabaddi league in India a few months ago, some of the loudest cheers, were reserved for a Korean Kabaddi player. It is also a good co-incidence that India and South Korea both celebrate their Independence Day on the 15th of August. From Princess to poetry and from Buddha to Bollywood; we have so much in common.

As I have mentioned earlier, I have always been fascinated by Korea. I visited Korea when I was Chief Minister of Gujarat. I used to wonder how a country of the size of Gujarat can make such economic progress. I admire the spirit of enterprise of the Korean people. I admire the way in which they have created and sustained their global brands. From IT and Electronics to Automobile and Steel, Korea has given exemplary products to the world. Korean companies are appreciated for their innovation, and strong manufacturing capability.

Friends!

It is heartening to note that our bilateral trade crossed 20 billion dollars last year, for the first time in six years. My visit in 2015 led to a positive focus on India. Your open market policies have found resonance with India's economic liberalization and 'Look East Policy'. Over 500 Korean companies are operating in India too. In fact, many of your products are house-hold names in India. However, South Korea ranks only 16th in FDI Equity inflows to India. India offers a lot of potential for the Korean Investors with its huge market and enabling policy environment.

Since many of you are already present in India, you already know the ground realities. Also, through your interaction with Indian CEOs, you must have already discovered the direction in which India is going. However, let me take a few more minutes. I would like to use this occasion to personally invite to India those who are not yet present here. If you see around the globe, there are very few countries where you have three important factors of economy together.

They are: Democracy, Demography and Demand. In India, we have all the three together.

By Democracy, I mean the system based on liberal values which ensures free and fair play towards one and all;

By Demography, I mean a vast and talented pool of young and energetic workforce;

By Demand, I mean a big and growing market for goods and services.

A rising middle class is creating further growth in the domestic market. We have worked towards creating a stable business environment, ensuring the rule of law, and removing arbitrariness in decision making. We seek positivity in day to day transactions. We are widening the areas of trust; rather than digging into doubts. This represents a complete change of the Government’s mindset. A shift from issuing authority to business partner to achieve ‘Minimum Government, Maximum Governance’. And when this happens, simplification of rules and procedures starts automatically.

|

After all, this is what Ease of doing business demands through such measures, we are now working towards ‘Ease of Living”. We are on a de-regulation and de-licensing drive.

Validity period of industrial licenses has been increased from three years to fifteen years and more;

The Industrial licensing regime for defence production has been liberalized greatly;

Nearly 65 percent to 70 percent of the items previously under licensing can now be produced without a license;

We have said that factory inspections will only be need-based and only on authorization of the higher authority;

In FDI, we are one of the most open countries now.

Most of the sectors of our economy are open for FDI. More than 90 percent approvals have been put on automatic route;

There is practically no requirement of Government approval for investments in manufacturing sector except for Defence sector;

Incorporating a company along with allotment of statutory numbers is now just a one day affair;

We have carried out thousands of reforms on the business, investment, governance and cross border trading front. Some of them like GST are historic.

Many of you might already be experiencing the ease in operations due to GST;

We have entirely abolished more than 1400 old laws and Acts which were only complicating governance;

Such measures have propelled our economy into a high growth trajectory.

FDI inflows have grown the most in the last three years. There is a new energy and vibrancy in the domestic industry.

A new start up eco-system has been un-veiled;

With unique ID and mobile phone penetration, we are fast moving towards becoming a Digital Economy;

Our, strategy is to leverage the strength of hundreds of millions of Indians who have come online in recent years;

Thus, a New India is emerging which will be modern and competitive and yet caring and compassionate;

On the global platform,

India has climbed 42 places in the World Bank’s Ease of Doing Business Index in the last three years;

We moved up 19 places on the Logistics Performance Index of 2016 of World Bank;

We have improved 31 places in last two years in the Global Competitiveness Index of the World Economic Forum;

We have also moved up twenty one places on the Global Innovation Index of WIPO in two years;

We are among the top 10 FDI destinations listed by UNCTAD;

Ours is a globally cost competitive manufacturing eco-system;

We have a vast pool of skilled professionals with knowledge and energy;

Now, we have a world class engineering education base and strong R&D facilities;

In the last two years, we have moved towards a low tax regime on corporate side where we have lowered the tax from 30 percent to 25 percent for new investments and smaller ventures.

We are working with the mission of Transforming India from:

An old civilisation into a modern society;

An informal economy into a formal economy;

You can imagine the range and span of our work. We are already the third-largest economy by purchasing power. Very soon, we will become the world's fifth-largest economy by nominal GDP. We are also the fastest growing major economy of the world today. We are also a country with the one of the largest Start up eco-systems. 

|

Our vision is to create a globally competitive industry and services base equipped with skill, speed and scale. Therefore, we are continuously working to improve our investment climate. We particularly want to promote manufacturing in a big way to create jobs for our youth. For this purpose, we have launched a campaign called “Make in India”. This includes bringing our industrial infrastructure, policies and practices to best global standards and to convert India into a global manufacturing hub. This initiative has been well supplemented by programmes like ‘Digital India’ and ‘Skill India’. Cleaner and greener development and Zero defect Zero effect manufacturing is another commitment.

We have committed to the world and are moving aggressively for adoption of better environmental technologies. I have said earlier that there is huge potential for cooperation between India's software and Korea's IT industry. Your car making and our designing capabilities can be put together. Though we have become the third biggest producer of steel, we need to add lot of value in it. Your steel-making capacity and our resources of iron ore can be put together for better products.

Similarly, your ship-building capacity and our agenda of port led development can become a driver of our partnership. Housing, smart cities, railway stations, water, transportation, railways, sea ports, energy including renewables, IT infrastructure and services, electronics, are all very promising sectors in my country. India and Korea are major economies in the region. Our partnership has immense potential to promote regional growth, development, stability and prosperity in Asia. India is turning to the East for bigger economic engagement. Similarly, South Korea is trying to diversify its overseas markets.

Both stand to gain by deepening their partnership. India a huge and emerging market. It can also be a bridge for Korean business to penetrate the Middle East and African markets. You may recollect that the need for a hand-holding agency was felt during my visit to Korea. It was announced that a dedicated team would be established for Korean Investments in India. Accordingly, “Korea Plus” was formed in June 2016. The mandate of Korea Plus is to promote, facilitate and retain Korean investments in India. It is envisaged as the first reference point for Korean Investors in India. Korea Plus has facilitated more than 100 Korean Investors in a short span of about two years. It acts as a partner throughout the investment cycle of Korean companies. This shows our commitment towards welcoming Korean people and companies; ideas and investments.

Friends!

I would like to conclude by saying that India is now ready for business. India is now a free destination for enterprise. You will not find such a free and growing market anywhere in the world. I further assure you that whatever is required to promote and protect your investments will be done here. Because we value your involvement and contribution in our economy. At a personal level too, I assure you of my full support whenever required.

Thank You!

  • Laxman singh Rana September 13, 2022

    नमो नमो 🇮🇳🌹🌹
  • Laxman singh Rana September 13, 2022

    नमो नमो 🇮🇳
  • Laxman singh Rana September 13, 2022

    नमो नमो 🇮🇳🌹
  • G.shankar Srivastav June 11, 2022

    G.shankar Srivastav
Explore More
78ਵੇਂ ਸੁਤੰਤਰਤਾ ਦਿਵਸ ਦੇ ਅਵਸਰ ‘ਤੇ ਲਾਲ ਕਿਲੇ ਦੀ ਫਸੀਲ ਤੋਂ ਪ੍ਰਧਾਨ ਮੰਤਰੀ, ਸ਼੍ਰੀ ਨਰੇਂਦਰ ਮੋਦੀ ਦੇ ਸੰਬੋਧਨ ਦਾ ਮੂਲ-ਪਾਠ

Popular Speeches

78ਵੇਂ ਸੁਤੰਤਰਤਾ ਦਿਵਸ ਦੇ ਅਵਸਰ ‘ਤੇ ਲਾਲ ਕਿਲੇ ਦੀ ਫਸੀਲ ਤੋਂ ਪ੍ਰਧਾਨ ਮੰਤਰੀ, ਸ਼੍ਰੀ ਨਰੇਂਦਰ ਮੋਦੀ ਦੇ ਸੰਬੋਧਨ ਦਾ ਮੂਲ-ਪਾਠ
Global aerospace firms turn to India amid Western supply chain crisis

Media Coverage

Global aerospace firms turn to India amid Western supply chain crisis
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
The World This Week On India
February 18, 2025

This week, India reinforced its position as a formidable force on the world stage, making headway in artificial intelligence, energy security, space exploration, and defence. From shaping global AI ethics to securing strategic partnerships, every move reflects India's growing influence in global affairs.

And when it comes to diplomacy and negotiation, even world leaders acknowledge India's strength. Former U.S. President Donald Trump, known for his tough negotiating style, put it simply:

“[Narendra Modi] is a much tougher negotiator than me, and he is a much better negotiator than me. There’s not even a contest.”

With India actively shaping global conversations, let’s take a look at some of the biggest developments this week.

|

AI for All: India and France Lead a Global Movement

The future of AI isn’t just about technology—it’s about ethics and inclusivity. India and France co-hosted the Summit for Action on AI in Paris, where 60 countries backed a declaration calling for AI that is "open," "inclusive," and "ethical." As artificial intelligence becomes a geopolitical battleground, India is endorsing a balanced approach—one that ensures technological progress without compromising human values.

A Nuclear Future: India and France Strengthen Energy Security

In a world increasingly focused on clean energy, India is stepping up its nuclear power game. Prime Minister Narendra Modi and French President Emmanuel Macron affirmed their commitment to developing small modular nuclear reactors (SMRs), a paradigm shift in the transition to a low-carbon economy. With energy security at the heart of India’s strategy, this collaboration is a step toward long-term sustainability.

Gaganyaan: India’s Space Dream Inches Closer

India’s ambitions to send astronauts into space took a major leap forward as the budget for the Gaganyaan mission was raised to $2.32 billion. This is more than just a scientific milestone—it’s about proving that India is ready to stand alongside the world’s leading space powers. A successful human spaceflight will set the stage for future interplanetary missions, pushing India's space program to new frontiers.

India’s Semiconductor Push: Lam Research Bets Big

The semiconductor industry is the backbone of modern technology, and India wants a bigger share of the pie. US chip toolmaker Lam Research announced a $1 billion investment in India, signalling confidence in the country’s potential to become a global chip manufacturing hub. As major companies seek alternatives to traditional semiconductor strongholds like Taiwan, India is positioning itself as a serious contender in the global supply chain.

Defence Partnerships: A New Era in US-India Military Ties

The US and India are expanding their defence cooperation, with discussions of a future F-35 fighter jet deal on the horizon. The latest agreements also include increased US military sales to India, strengthening the strategic partnership between the two nations. Meanwhile, India is also deepening its energy cooperation with the US, securing new oil and gas import agreements that reinforce economic and security ties.

Energy Security: India Locks in LNG Supply from the UAE

With global energy markets facing volatility, India is taking steps to secure long-term energy stability. New multi-billion-dollar LNG agreements with ADNOC will provide India with a steady and reliable supply of natural gas, reducing its exposure to price fluctuations. As India moves toward a cleaner energy future, such partnerships are critical to maintaining energy security while keeping costs in check.

UAE Visa Waiver: A Boon for Indian Travelers

For Indians residing in Singapore, Japan, South Korea, Australia, New Zealand, and Canada, visiting the UAE just became a lot simpler. A new visa waiver, effective February 13, will save Dh750 per person and eliminate lengthy approval processes. This move makes travel to the UAE more accessible and strengthens business and cultural ties between the two countries.

A Gift of Friendship: Trump’s Gesture to Modi

During his visit to India, Donald Trump presented Prime Minister Modi with a personalized book chronicling their long-standing friendship. Beyond the usual diplomatic formalities, this exchange reflects the personal bonds that sometimes shape international relations as much as policies do.

Memory League Champion: India’s New Star of Mental Speed

India is making its mark in unexpected ways, too. Vishvaa Rajakumar, a 20-year-old Indian college student, stunned the world by memorizing 80 random numbers in just 13.5 seconds, winning the Memory League World Championship. His incredible feat underscores India’s growing reputation for mental agility and cognitive excellence on the global stage.

India isn’t just participating in global affairs—it’s shaping them. Whether it’s setting ethical AI standards, securing energy independence, leading in space exploration, or expanding defence partnerships, the country is making bold, strategic moves that solidify its role as a global leader.

As the world takes note of India’s rise, one thing is clear: this journey is just getting started.