New Delhi/IBNS: Inviting investment in India in one of his first addresses in Johannesburg, Prime Minister Narendra Modi Tuesday said the country's dreaded red tape has now been converted into a "red carpet".

Speaking in South Africa's Johannesburg at a Business Forum ahead of the BRICS Summit, PM Modi said his government has been "laying the foundation for a new India".

"Today, India is the fastest-growing major economy in the world... In the last 9 years, people's income has almost doubled... UPI is being used everywhere in India. Most digital transactions happen in India... India has the third largest startup ecosystem in the world," the Prime Minister said in his address.

Highlighting the new investment opportunities coming up in India, he said, "In the last years, the number of airports has doubled... Defence and space sectors have been opened for private sector."

"We have converted turned red tape into the red carpet," he said, indicating that the big hurdle that discouraged investors at one point is now a thing of the past. 

On reaching Johannesburg, PM Modi was warmly welcomed at the airport by South Africa's Deputy President Paul Shipokosa Mashatile.

This is PM Modi's third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.

This year's BRICS, a grouping of the world economies of Brazil, Russia, India, China, and South Africa,  is under the presidency of South Africa. The theme of this year's summit is: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism."