New Delhi: Prime Minister Narendra Modi on Tuesday invited the global investors to invest in India, saying the country has become the world’s third-largest start-up ecosystem. He also said global investors should benefit from the Indian start-up ecosystem.

“Today India has become the world’s 3rd largest start-up ecosystem. Even in tier-2 and 3 cities of India, startups have come up. Our start-ups have started investing at a global scale. I invite global investors to benefit from our start-up ecosystem,” PM Modi said while delivering the keynote address at the Future Investment Initiative (FII) in Saudi Arabia.

Saying that the objective of the forum is not only to discuss the economic system, he said it is also to understand the rising trends of the world.

“The aim of this forum is not only to discuss the economic system here but also to understand the rising trends of the world and look for ways aimed at global welfare,” PM Modi said.

Asking global investors to come to India to see their business prospect, PM Modi said the country has set a target of doubling its economy to $ 5 trillion in the next five years.

“India has set a target of doubling its economy to $ 5 trillion in the next five years. Today in India, if we want to speed up development, then we have to understand the emerging trends,” he added.

He said India aims to invest US$ 100 billion in refining, pipelines, gas terminals by 2024. “I am happy that Saudi Aramco has decided to invest in West Coast Refinery Project – which will be the largest refinery of Asia,” he added.

PM Modi said his country has dramatically increased the speed and scale of building infrastructure and its growth will be seen in double-digit soon.

“We have also dramatically increased our speed and scale of building infrastructure. The growth of infrastructure in India will be in double-digit, and there is no possibility of capacity saturation. Due to this, investors will also be assured of returns,” he added.’

He said One Nation One Power Grid, One Nation One Gas Grid and One Water Grid, One Nation One Mobility Card, One Nation One Optical Fibre Network are some of the initiatives with which India is integrating its infrastructure.

“Under the Skill India initiative, over 400 million people will be trained in the coming 3-4 years. This will provide assured skilled manpower to companies investing in India,” he said.

He also said that India has succeeded in eradicating poverty at a fast pace in the world. “My way to fight against poverty is to empower the poor. The poor want dignity and when I give the toilet, I do not give an arrangement. I give dignity,” he added.

He also said that the importance of developing countries is increasing day by day. “The importance of the smallest of countries is increasing today. We will have to take a step towards strengthening this multi-polar world and think what contribution we are making for the welfare of mankind,” he added.