“We expect a steady growth rate of 6-8% over the next decade based on a very clearly stated strategy. This strategy is based on four key drivers,” Information Technology Minister Ashwini Vaishnaw said during an interview with Reuters at the World Economic Forum in Davos.

He named these four drivers: investing in infrastructure, both physical and digital, improving the situation of people at the bottom of the pyramid, boosting manufacturing and simplifying the processes that make it easier to do business.

Foreign investors have been betting heavily on India since Modi came to power in 2014, with companies such as Apple, Samsung, Kia and Airbus expanding their operations.

Those investments came despite criticism from some leaders who say Modi's protectionist policies in sectors such as digital payments, manufacturing and e-commerce often favor local companies over foreign companies.

India attracted $33 billion in foreign direct investment in the first six months of the current fiscal year, which began in April 2023. Foreign direct investment of $71 billion was recorded for the fiscal year 2022-23.

India expects its economy to grow 7.3% this fiscal year, the highest rate of any major economy in the world, but there are still large numbers of unemployed youth – a key issue for the next election.

Vaishnaw compared the $100 billion to the inflows China has been attracting every year for over a decade, adding that investors now view India as a “key investment destination.”

Mr. Vaishnaw has overseen India's efforts to become a leader in electronics manufacturing, a key part of Mr. Modi's trade agenda.

India is in constant contact with Apple to strengthen the company's manufacturing and retail presence in the country, Vaishnaw said. It is estimated that India currently accounts for around 12-14% of global iPhone shipments.