Prime Minister Narendra Modi on Tuesday pressed for the reform of the United Nations while expressing regret over some countries using the global body as a "tool" rather than an "institution" to resolve conflicts.

Saudi Arabia on Tuesday inaugurated a three-day high-profile financial summit, being attended by Prime Minister Narendra Modi and several other world leaders, aimed at drawing foreign investors to help the Gulf Kingdom diversify its oil-based economy.

India is contemplating organizing an annual global investors' meet in the country, akin to the World Economic Forum in the alpine resort of Davos, to carve out a bigger global role for itself.