PM hopes to roll out GST in year 2016

Hard-selling India to a business savvy German Chancellor Angela Merkel and her team, Prime Minister Narendra Modi on Tuesday used all the charms at his disposal claiming that India was the only "bright spot" in a gloomy global economic slowdown, in an obvious reference to China.

Addressing the Indo-German summit organised by FICCI in the posh Leela Palace Hotel here, he told foreign investors and Indian business honchos that favourable business conditions are on the anvil, including strong intellectual property rights protection.

Despite the Goods and Service Tax (GST) getting stuck in a noisy Rajya Sabha, he Prime minister said he was confident that the path-breaking bill would be rolled out next year. "We have introduced the GST Bill in Parliament; we are hopeful of rolling it out in 2016," Modi said as captains of Industry gave a thunderous applause bringing a smile on the face of Merkel. Brushing aside all domestic issues like the beef controversy that has been hogging headlines, Modi said, "Never before is India so well prepared to absorb talent, technology and investment from outside. My government is committed to creating favourable conditions for business and industry.” The PM also said a comprehensive but "progressive and forward looking" National IPR Policy is being finalised. "Such a huge potential for creation and production will not be available in any one country," the Prime Minister told the German delegation and listed out a number of measures taken by the government to ensure ease of doing business. Modi said across the board the validity period of Industrial licenses had been increased and regulatory clearances -- concerning security and environment -- had been expedited. "We have taken very decisive steps to remove a number of long pending concerns of investors," he said. Earlier, Modi and Merkel visited the facilities of German automotive major Bosch here, as part of the chancellor's three-day state visit to India, with focus on innovation and skills development. To further strengthen its presence in India, Bosch said it plans to invest Rs 650 crores (over 100 million euros) in 2015. During the nearly two-hour long visit, the two leaders, accompanied by a high-level German delegation, walked through the Bosch Innovation Center and the vocational training centre, enquiring about the company's research, engineering, and vocational education activities in India. At the lunch that followed, Merkel and her team were treated to the best of cuisine from the south - from flavoured butter milk to Kerala parathas and spice laced curries.