Prime Minister Narendra Modi has pitched for more investment in India to the global business leaders saying that India is the world's most "open and investment-friendly" economy and urged investors to take advantage of its "limitless" possibilities and "countless" opportunities.

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"India is the most open and investment-friendly economy in the world due to political stability, predictable policy and business-friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires $1.5 trillion investment," Modi said while addressing the closing ceremony of the BRICS Business Forum.

"I invite the business of BRICS countries to build and grow their presence in India," he said adding that the grouping of five countries had led to economic development despite the global economic slowdown.

Modi also urged to simplify intra-BRICS business saying that it will increase mutual trade and investment.

"Tax and customs procedures between us five countries are getting easier. The business environment is getting easier with the collaboration between intellectual property rights, and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated," he said.

"I would also like to request that priority areas in business be identified among us for the next ten years and based on them a blue print of Intra-BRICS collaboration should be made," Modi added.

The prime minister said the market size, diversity and complementarities of the members of the BRICS countries were very beneficial to each other and asked the forum to map such complementarities in the five countries.

"If one BRICS country has the technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertiliser, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities," he said.

Further, Modi said there was a possibility of making travel, business and employment between the BRICS (Brazil, Russia, India, China and South Africa) countries easier.

He thanked President of Brazil Jair Bolsonaro for his government's decision to give Indians visa-free entry in his country.