In an effort to ease the travel of Indian businessmen and tourists to the country, Israel on Thursday approved a new policy allowing multiple entry business visas for five years.

"Israel approves five-year, multiple entry visas for businessmen from India," Foreign Ministry spokesperson Emmanuel Nahshon was quoted as saying by a news agency.

Israeli Prime Minister Benjamin Netanyahu initiated the gesture keeping in mind the growing ties between Jerusalem and New Delhi.

The initiative carries importance ahead of Prime Minister Narendra Modi's planned visit to the country in July.

In March, reports stated that the country had increased its promotional budgetary allocation to $2.5 million in the last two years with the plan to ease visa norms for Indian tourists.

"We realise that India is going to be one of the top three countries sending tourists to Israel and so we have started to invest a lot in marketing our tourism potential there," Director General of Israel's Ministry of Tourism Amir Halevi was quoted as saying by a news agency.

(With inputs from agencies)