Modi, Obama mean business
■ PM promises to make biz easy ■ Obama seeks simple tax laws ■ US pledges $4bn
Prime Minister Narendra Modi on Monday evening rolled out a red carpet welcome for US companies with promises of a predictable tax regime and open and welcome business environment, while US President Barack Obama pledged $4 billion in bank loans to increase trade with India and explore “untapped potential.”
Earlier on Monday, Mr Obama became the first US President to be the chief guest at the Republic Day parade, watching India showcase its culture and military prowess in a parade on Rajpath that included armaments purchased from Russia.
Mr Modi’s invitation, and President Obama’s attendance as chief guest, and the agreements reached over two days of summitry are seen by many as confirmation that India has begun to move away from its traditional non-aligned stance.
“We will guide you and walk with you in your projects. You will find a climate that encourages investment and rewards enterprise,” Mr Modi said at the India-US Business Summit, attended by nearly 500 business leaders from American and Indian industry. He underlined his government’s endeavour to make it easy to do business in India. “Our immediate target is to bring us from the rear ranks of the world into the top 50,” said Mr Modi.
During their interaction with top CEOs from both countries, Mr Modi promised that he himself would monitor big projects.
On the concerns of US business about Intellectual Property Rights (IPR) protection, the Prime Minister said his government will nurture innovation and “protect your intellectual property”.
He said business sentiments in India are the strongest among major Asian markets. Mr Modi said US companies will find a tax regime that is predictable and competitive.
We will guide you and walk with you in projects. You will find a climate that encourages investment and rewards enterprise
— NARENDRA MODI, PM Working by ourselves, we can advance our common interest. But, if we work together, we can achieve greater success.
— BARACK OBAMA, US PRESIDENT