New Delhi, Feb 28 (KNN) Eyeing at attracting investments, Prime Minister Narendra Modi in his speech at India Korea Business Summit 2018 said that the country is ready for business and is now transformed as a free destination for enterprise.

PM Modi made these remarks at the Second India-Korea Business Summit organized by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, in partnership with ChosunILbo, KOTRA, Confederation of Indian Industry (CII) and Invest India in the national capital.

PM Modi further said that the country is looking forward with a new startup ecosystem in place.

“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”, PM Modi added.

Listing the steps taken by the government, PM Modi added that over the last two years, the country has moved towards a low tax regime on corporate side from 30 percent to 25 percent for new investments and smaller ventures.

The Prime Minister invited Korean investments in India in railways, water, transport, energy, electronics, IT and infrastructure. Shri Suresh Prabhu, Union Commerce and Industry Minister stressed the importance of the three offerings of India: Democracy, Demography and Demand. Mr. Prabhu highlighted the recent reforms undertaken by the Government of India, the Make in India initiative and India’s achievement in global ranking.

On the sidelines of the summit, several B2B meetings were arranged. The summit addressed various issues across industries and was attended by over a thousand delegates, including 425 South Korean delegates from 90 Korean companies, senior government officials and political leaders. (With PIB Inputs) (KNN/DA)