Assuring investors that the government will "hold your hands whenever needed," he said, "If you walk one step, we will walk two steps for you." (Track Live Updates)
In presence of leaders from across the world - including US Secretary of State John Kerry, UN Secretary General Ban Ki-moon and World Bank head Jim Yong Kim - and over 50 CEOs, the Prime Minister said India was on the "path of transformation".
"The ease of doing business in India is a prime concern for you and us. We are working very seriously on these issues," he said.
Under the previous Congress government, investors complained about a hostile business climate in India, frustrated by bureaucracy and corruption - in contrast to Gujarat, which under Mr Modi's leadership, won a reputation as India's most investor-friendly state.
Today, at the biennial summit he launched in 2003, the PM promised to make India the "easiest" destination to do business - combining a stable tax regime with a predictable, transparent and fair policy environment.
The new government, he said, was making all efforts to ensure faster and yet inclusive growth and initial results were very encouraging. Already, the Organisation for Economic Co-operation and Development has said India would be the only country among world's top economies which would increase its pace of growth this year.
"We have a large number of hands to work. And, we have an even larger number of dreams to be realised," he said.
Pushing his theme of manufacturing to boost economic growth and create jobs, he said a single window clearance for projects is being set up at both central and state levels.
"We are not only making commitments and announcements. We are also backing them up with concrete action," he said.
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