When addressing the Economic Times' Global Business Summit in New Delhi, Prime Minister Narendra Modi shared his vision for India, saying he wants it to become a $10-trillion economy and the world's third largest, while boasting countless start-ups and paving the way for other countries in terms of renewable energy and electric vehicles.

As it stands, India is a $2.5-trillion economy and the sixth largest worldwide.

According to a news agency report by Fibre2Fashion, the prime minister said: "We want to make an India of countless start-ups. We want to lead the global drive towards renewable sources of energy. We want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices. With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams.”

He went on to point out that India is an active contributor to the fourth industrial revolution, after having missed the past three.

The prime minister proceeded to point out his government’s industry-friendly policies, such as not needing to register for goods and services tax (GST) if your business has a turnover of up to Rs 40 lakh, not having to pay income tax if the turnover is up to Rs 60 lakh, and being eligible for the composition scheme if the business has a turnover of up to Rs 1.5 crore.