Prime Minister Narendra Modi said on Tuesday that the government has broadened its investment horizons and has worked towards creating a stable business environment. Speaking at the India-Korea Business Summit in New Delhi, he claimed that India is one of the most open economies in the world.

“We have worked towards creating a stable business environment, removing arbitrariness in decision making,” Modi told the delegates. “We seek positivity in day-to-day transactions. We are widening areas of trust. This represents a complete change of the government’s mindset.”

Modi listed democracy, demography and demand as the top factors that are important for any economy and said that India has a combination of the three. The prime minister added that India is on a “de-regulation and de-licensing” drive. “Validity period of industrial licences has been increased from 3 years to 15 years,” he said.

India, Modi added, is already the third-largest economy in terms of 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,” he said. “We are also a country with the one of the largest start-up eco-systems.”

Modi said that bilateral trade between India and Korea crossed $20 billion for the first time in six years. He said he “admires the spirit of entrepreneurship of the Korean people”.

He added: “I admire the way in which they have created and sustained their global brands, from information technology and electronics to automobile and steel, Korea has given exemplary products to the world.”