"Modi's office was informed before the press statement," he said in response to another question.

"Our team felt that the potential polarising reactions from sub-segments of the alumni base, student body, and our supporters, might put  Modi in a compromising position, which we would like to avoid at all costs, especially in the spirit of our conference's purpose," the WIEF organising committee said on Sunday in a statement.

Asserting that it stands by its decision to invite Modi, the organising committee said it believes that this course of action would be the most appropriate in light of the reactions of the multiple stakeholders involved.

"However, as a responsible student body within the University of Pennsylvania, we must consider the impact on multiple stakeholders in our ecosystem," the organising committee explained.

"Modi's keynote address at Wharton India Economic Forum has been cancelled," the Wharton India Economic Forum said in a statement, which was welcomed by the organisers of the petition campaign.

"I think one of the thing that concerns us and continues to be is an attempt by a number of folks from his (Modi's) camp as well as some camps in the business community trying to differentiate and distinguish between his economic policies versus his human rights records," Ghosh said.

"Therefore, we as a team, would like to apologise for being a catalyst that may have put Modi and the Wharton School administration in an difficult position," the statement said.

Arguing that they do not endorse any political views and do not support any specific ideology, the statement said their goal as a team is only to stimulate valuable dialogue on India's growth story, and to act as a forum where students and audiences interact with influential leaders from across India.

The student organising body was extremely impressed with Modi's credentials, governance ideologies, and leadership, which was the primary reason for his invitation, the statement said.