In the run up to the BRICS summit, Finance Minister Arun Jaitley will on Thursday address a seminar, to be attended by experts from five member countries, on better international taxation procedure and global best practices to attract foreign investment.
The seminar titled ‘BRICS-Investment Flows’ would also discuss ways to boost foreign portfolio investments in the
emerging economies and ways to tackle bilateral tax treaty abuse. Organised by the Department of Economic Affairs in Mumbai on October 13, the seminar would be attended by Secretary Shaktikanta Das and RBI officials, besides experts from BRICS nations, multilateral organisations, financial institutions and the corporate sector.
The BRICS (Brazil, Russia, India, China, South Africa) summit will be held in Goa between October 15-16 and as a
lead-up to that, India has initiated a number of events. India has been relaxing foreign direct investment norms
in various sectors, including in civil aviation, retail and private security services.
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Net foreign direct investment (FDI) inflows have increased over the past three years, reaching record highs of USD 40 billion in 2015-16, from USD 31 billion in 2014-15. So far in the current fiscal, FPIs have invested Rs 53,399 crore in equity and debt instruments.
The country has been taking a number of steps to ease process for doing business in India and has also taken initiatives to rework tax treaties with countries to bring them in line with global best practices.