Modi: Will further ease tax rules to boost investment
India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. The Centre has cut corporation tax rates and introduced a nationwide goods and services tax to integrate the nation’s economy, Modi said in a speech at Aditya Birla Group’s golden jubilee celebrations in Thailand.
India is committed to further improving its peoplefriendly tax regime, Prime Minister Narendra Modi has said. The government has cut corporation tax rates and introduced a nationwide goods and services charge to integrate the nation’s economy, Modi said.
“We want to work toward making it even more people friendly,” he said. “For investment and easy business, come to India.” The nation welcomes investors who are keen on innovation and plan to start new businesses, he said.
The Prime Minister was speaking to a select group of top business leaders at an event to mark golden jubilee of the Aditya Birla Group’s operations in Thailand. Modi also elaborated on the steps being taken to improve ease of doing business in the country.
“India has jumped 79 places in the World Bank’s ‘Ease of Doing Business’ rankings in five years. For the third year in row, we are among the top 10 reformers. The variables for doing business in India are many,” he said.
The Prime Minister said it was the best time to be in India and that many things such as foreign direct investment, ease of doing business, ease of living and productivity are rising while tax rates, red tapism, corruption, cronyism are on a decline.
“All of what I have said just now makes India one of the world’s most attractive economies for investment. India received $286 billion FDI in the past five years. This is almost half of the total FDI in India in the past 20 years,” Modi said.
India has stopped working in a bureaucratic manner as it is undergoing ‘transformative changes’, Prime Minister Narendra Modi told a group of business leaders in Bangkok on Sunday, hard-selling the country as one of the most attractive investment destinations globally.
Referring to direct benefit transfer (DBT) scheme, Modi said it has ended the culture of middlemen. “India has seen many success stories in the last five years in various sectors. The reason for this is not only the governments. India has stopped working in a routine, bureaucratic manner.”
“For investment and easy business, come to India. To innovate and starting up, come to India. To experience some of the best tourist sites and warm hospitality of people, come to India. India awaits you with open arms,” he said.