India is fastest growing economy in world: PM Narendra Modi

Pune: Prime Minister Narendra Modi said on Saturday that India has become the fastest growing economy in world.

"India is the fastest growing economy in world with the GDP growth rate of 7.4%," the Prime Minister said.

Addressing a function after inaugurating the multimodal manufacturing project of GE at Chakan, Pune, the PM said that the government is focusing on ease of doing business in India.

Talking about steps taken by the government to ease setting up of new businesses in India, the PM said that the number of permissions needed to set up hospitality industry being brought down from 110 to 20.

PM Modi also said that the opportunities for manufacturing in India are immense. "Our effort is to make policies predictable in order to attract investments," the PM said.

PM Modi further said that "we are blessed with demographic dividend".

"India offers immense opportunities for ship-building sector," the PM said, inviting US-based GE to manufacture ships in the country.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.