Addressing the India-South Africa Business Summit, Prime Minister Narendra Modi said that the government is committed to building a ''New India'' with next generation infrastructure.
"We are on our way to becoming the fifth largest economy globally...We are one of the top FDI destinations listed by UNCTAD. But, we are not satisfied. On a daily basis, we are making necessary changes and reforms in important sectors of the economy.”
The Indian economy at $2.6 trillion, is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.
He apprised the audience that India has been upgraded to the 77th position in the latest edition of World Bank's Ease of Doing Business Report, which is a jump of 65 places in the last four years.
"We are committed to building a ''New India'' with next generation infrastructure and with emphasis on speed, skill and scale," he said. He enumerated some of the government flagship initiatives like boosting domestic manufacturing through Make in India and digitising the economy through Digital India.
The Prime Minister said trade between India and South Africa is picking up and has crossed the $10 billion mark in 2017-18. ''New India'' would welcome South African businesses to look at prospects in sectors like food, agro processing, deep mining, defence, insurance and infrastructure.
"Likewise, India could also partner with South Africa in startups, healthcare and pharma, biotech, IT and IT enabled sectors," he added.