Prime Minister Narendra Modi on Thursday reiterated the commitment of the government to build a "new India" which aims at achieving the target of becoming a $5 trillion economy by 2024.

Addressing the 5th Eastern Economic Forum (EEF) where he is invited as a chief guest by Russian President Vladimir Putin, Modi said: "In India also, we are building a new India on the 'mantra' of 'sabka saath sabka vikas'. We are aiming to be $ 5 trillion economy by 2024."

Describing his feelings in the peaceful atmosphere of Vladivostok in Russia's Far East as a pleasant experience, Modi recalled that he was in St. Petersburg two years ago.

"I am today in Vladivostok. In a way, it's been a trans-Siberian journey for me as well," he said.

Referring to the close age-old ties between India and Russia's Far East, Modi said: "The relation between Indian and Far East is very old. India is the first country which had opened its consulate in Vladivostok."

He recalled the historical relationship of trust between India and Russia and said that Vladivostok was open to Indians even when there were restrictions on other foreigners during the Soviet era.

"Several items related to defence and development used to reach India through Vladivostok. Now, the tree of this participation has been deepening of its roots today."

That approach, Modi said, has now become a base of happiness and prosperity for the two nations.

"India has invested here in the field of energy and other natural resources like diamond. Sakhalin's oil fields are the successful examples of this investment."

Modi also paid tributes to the hard work and courage of those living in Russia's Far East.

Appreciating the vision of President Putin for the welfare for Russia's Far East, Modi said: "President Putin's attachment for the Far East and his vision not only have brought new opportunities for this region but also for the partners of Russia, like India."

"He (Putin) has declared Russian Far East development as 'national priority' for the 21st century. His holistic approach is to better each sector of life like economy, education, health, sports, culture and communication."

Modi said that the Russian President not only opened avenues for investment, but has also given proper attention to other sectors of society.

The Prime Minister said he is also influenced by Putin's vision and mentioned that "India wants to walk along with Russia in Putin's visionary journey."

"There is a glimpse of love and respect for the people of Vladivostok and Far East in Putin's vision. We are also trying to achieve our goal of making a new India.

"We are in the process of achieving the goal to make India a $5 trillion economy by 2024. This is a historic moment to adjoin this region with fast growing India and its talents."

The Prime Minister also said India had phenomenal preparations for participating in EEF.

"India's several ministers, four Chief Ministers and around 150 business leaders have also come here and they have met the President's special envoy, 11 Governors of the Far East and business leaders."

He said Russia's ministers and business leaders have also visited India and that better results were coming with their efforts.

From energy to health, skill development to mining and timber, Modi said India and Russia have signed around 50 business agreements.

"With this, we are expecting multiple billion dollars business and investment."

"India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress."

He also noted that the India-Russia friendship is not restricted to governmental interactions in capital cities. "This is about people and close business relations."

Modi is on a two-day visit to Russia. On Wednesday, he held bilateral talks with Putin.