Modi vows to en­sure friend­lier In­dia for for­eign fac­to­ries

The Pak Banker - - BUSINESS -

MUM­BAI: In­dian Prime Min­is­ter Naren­dra Modi pledged to un­tan­gle In­dia's byzan­tine reg­u­la­tions and stay away from ret­ro­spec­tive tax­a­tion as he looks to boost man­u­fac­tur­ing and cre­ate jobs in the world's se­cond-most pop­u­lous coun­try. Speak­ing to an au­di­ence in Mum­bai on Satur­day that in­cluded Swedish Prime Min­is­ter Stefan Loe­fven and Fin­nish Prime Min­is­ter Juha Sip­ili, Modi ex­horted global com­pa­nies to set up shop in In­dia. His govern­ment is work­ing swiftly to­ward set­ting up a trans­par­ent and pre­dictable tax regime, Modi said, and will soon put in place an ef­fec­tive pa­tent and in­tel­lec­tual prop­erty regime.

"In­dia is blessed with three Ds; th­ese are democ­racy, de­mog­ra­phy and de­mand," Modi said, af­ter per­form­ers in tra­di­tional garb danced in front of a gi­ant screen flash­ing im­ages of mega sky scrap­ers and bul­let trains. "To th­ese we have added the fourth D: that is dereg­u­la­tion." In­vestors could catch a glimpse of Modi's vi­sion when his govern­ment un­veils its bud­get on Feb. 29. In past years he's opened sec­tors in­clud­ing de­fense and rail­ways to more for­eign in­vest­ment to boost the share of man­u­fac­tur­ing in the econ­omy to about 25 per­cent from 18 per­cent un­der his flag­ship Make in In­dia cam­paign. He also said he wants to do it in a cleaner and greener way, as In­dian cities bat­tle record pol­lu­tion lev­els and back-to-back years of poor rain­fall erodes ru­ral in­comes. Hin­dus­tan Coca-Cola Bev­er­ages Pvt., a unit of the global group, signed an agree­ment with Jain Ir­ri­ga­tion Pvt. to open an or­ange juice fac­tory in drought-hit Vi­darbha.

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