Speaking at a panel decision, on 'India's Time to Transform', at the annual World Economic Forum meeting in Davos, she said it may sound 'propagandist' but one needs a strong and courageous leadership to take such a bold step.

On Wednesday, German newspaper Handelsblatt said the bank is considering moving 1,000 jobs to Frankfurt to deal with Britain's exit from the European Union.

The Alibaba deal comes as Asia prepares to host three consecutive games, with South Korea's Pyeongchang staging the 2018 winter games, Tokyo the 2020 summer Olympics and Beijing the 2022 winter games.