India, he said, 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 in the world today," he said.
"We are also a country with the one of the largest start-up eco-system," he added.
Stating that the government is on a de-regulation and de-licensing drive, Modi said validity period of industrial licences has been increased from three years to fifteen years and more.
"If you see around the globe, there are very few countries where you have three important factors of the economy together. They are democracy, demography and demand. In India, we have all the three together," he said.
To the Korean businessmen, he said India is now ready for business and promised to do whatever is required to "promote and protect" their investment.