Prime Minister Narendra Modi on Thursday said India is on the way to becoming a USD 5 trillion economy soon and hoped that the country would to be among world's top three economies in the next 15 years.

Addressing the Indian diaspora in Seoul, the prime minister recounted several steps were taken by his government in recent years, including several new initiatives, to take India on a forward trajectory.

Noting that India is among the fasted growing economy, Modi said, "our aim is to be among world's top three economies in the next 15 years."

PM Modi said India has jumped to 77th spot on the World Bank's ease of doing business ranking on the back of reforms and is determined to enter in the top 50 next year.

Prime Minister Modi arrived here earlier in the day on a two-day state visit. He will hold bilateral talks with South Korean President Moon on Friday. The two leaders are expected to discuss the issue of denuclearisation of the Korean peninsula, ahead of the Trump-Kim summit.