Visiting Indian Prime Minister Narendra Modi called Tuesday on Japanese companies to tap into Indian markets, stressing the South Asian nation has three important elements when it comes to business: democracy, human resources and vast demand.

Speaking in front of more than 1,500 people at a business seminar in Tokyo, Modi said his country, with a population of more than 1.2 billion, has an excellent environment for Japanese firms wanting to expand overseas.

"There are no countries (other than India) featuring three important elements, which are democracy, human resources and demand," Modi said.