India is one of the most open economies: PM Modi

India ready for business a free destination for Enterprise: PM Modi at India Korea Business Summit

"I further assure you that whatever is required to promote and protect your investments will be done here". For the second time in two weeks, Trump complained about India's tariffs on the import of motorcycles. And he said, "I just want to inform you that we have reduced it to 75 (per cent), but we have further reduced it to 50". He's a attractive man. And thats not good for you people, especially as governors.

If we compared India's growth with China, where the annual pace of growth was 6.8%, then India might have beaten its neighbourhood country. Am I supposed to be thrilled?

Stating that India is the third-largest economy in terms of purchasing power, Modi said, "Very soon, we will become the world's fifth-largest economy by nominal GDP".

Harley Davidson, however, has not set up manufacturing operations in India, and relies on its U.S. factories to make the motorcycles.

Around 80 small and mid-sized Korean companies involved in renewable energy, shipbuilding, IT, automobiles and food processing met with Indian business and government representatives at the forum.

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"Senior administration officials said that the president has been known to affect an Indian accent and imitate Indian Prime Minister Narendra Modi, who in an Oval Office meeting past year told him, "Never has a country given so much away for so little in return" as the United States in Afghanistan", the report said. "That's not a favour", Trump was quoted by PTI as saying.

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 15 years and more. They have a motorcycle or a motorbike that comes into our country - the number is zero.

Mr Modi said, he admires the spirit of entrepreneurship of the Korean people and the way in which they have created and sustained their global brands.

Prime Minister Modi also said that India has all three factors of democracy - Democracy, Demography and Demand. Trump added that India had reduced the tax to 50 percent, but slammed the reduced applicable tax as "unfair" and hinted that either both nations should have same taxes, or no taxes for true "Free Trade".

Trump had earlier threatened to descend to an "eye-for-an-eye" solution to the impasse over the import tariff on American motorcycles in India.

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