PM Modi addresses a business event in Bangkok.

In the last five years, India has jumped 79 spots in World Bank's Ease of Doing Business list and it is one of the most attractive economies for investment, Prime Minister Narendra Modi said today as he stressed that "this is the best time" to be in the country.

"India received 286 billion US dollar FDI (Foreign Direct Investment) in the last five years. This is almost half of the total FDI in India in the last twenty years," he said while speaking at a business event in Bangkok.

"We are among the top 10 FDI destinations. India has jumped 79 places in World Bank's Ease of Doing Business in the last five years," he added.

"I say this with full confidence - this is the best time to be in India," PM Modi said. He was speaking at an event hosted to mark the golden jubilee celebrations of the Aditya Birla Group.

India, which is one of the "most people friendly tax regimes", is now pursuing the dream to become a five trillion dollar economy, he said. "When my government took over in 2014, India's GDP was about 2 trillion dollars. But in just five years, we increased it to nearly 3 trillion dollars," he said.

"When India prospers, the world prospers," PM Modi stressed, adding: "Our vision for India's development is such that it also leads to a better planet."

India awaits tourists and investors "with opens arms", he said, inviting investments from Thailand. "For investment and easy business, come to India. To innovate and starting up, come to India. To experience some of the best tourist sites and warm hospitality of people, come to India," he said.

On Saturday, PM Modi justified his government's move to scrap Jammu and Kashmir's special status as began his three-day Thailand visit. "When a decision is right, its echo is heard across the globe. And I can hear it in Thailand as well," he said while addressing over 5,000 members of Indian community on the first day of his visit at an event in Bangkok.

During his Thailand visit, he will attend the 16th ASEAN-India Summit, the 14th East Asia Summit and the third summit meeting of Regional Comprehensive Economic Partnership. He will also participate in the annual East Asia summit and partake in a special leaders' luncheon organised by his Thai counterpart, Prayut Chan-o-cha, on Monday.