India set to become world's fifth biggest economy in the world: PM Modi

New Delhi : Prime Minister Narendra Modi on Saturday claimed that India is on its way to become fifth biggest economy in the world. Currently, India is at sixth position behind the US, China, Japan, Germany and the UK.

Speaking at the India-South Africa Business Summit he tagged India as the fastest growing economy with the government commitment to build new India with next-gen infrastructure.

The prime minister listed out some of the government flagship initiatives like boosting domestic manufacturing through Make in India and digitising the economy through Digital India. 

"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," he said.

He also informed the business in South Africa about ease of doing business in India ranking that has improved by 65 positions in last four years. Currently, India is at 77th position.

India's investment in South Africa is constantly growing and this has approached USD 10 billion, creating over 20,000 jobs locally.