Prime Minister Narendra Modi wooed global investors Saturday by highlighting India’s growth story and promising policy reforms to make business easier, including a transparent tax regime.
“Come, make India your workplace. This is the best time ever to be in India and it’s even better to Make in India,” Modi told an audience of business and political delegates from 68 countries, including prime ministers and representatives from 1,000 international companies, as he launched the Make In India Week 2016 in Mumbai.
“We have carried out a number of corrections on the taxation front. We have said that we will not resort to retrospective taxation. And I repeat this commitment. We are also swiftly working towards making our tax regime transparent, stable and predictable with an all-round emphasis on ease of doing business,” he said.
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To captains of industries, the Prime Minister said: “My friendly advice to you is: don’t wait, don’t relax. Seize the opportunity and invest. If you take one step, my government will take two steps.”
“We have already enacted a law for fast-tracking of arbitration proceedings. We are establishing dedicated commercial courts and commercial division in High Courts. The transformation of the company tribunal is in the final stages.” He said\ an intellectual property rights policy is in its final stages.
Stressing the theme of “minimum government and maximum governance”, Modi said that to the advantages of largest democracy, demography and demand, the government has added deregulation, which industries should cash on.
India, he said, has emerged the most favoured global destination. “Investment growth has shown 27 per cent increase through new proposals.” He said foreign direct investment grew by 48 per cent in 2015, the highest ever, at a time when it was falling across the world due to recession.
With a GDP growth of 7 per cent, India is emerging as the fastest growing economy with investments in sectors ranging from infrastructure to textile and agro-industries to manufacturing, he said. The government has set up a new Investment Infrastructure Forum.
Modi promised huge growth in the manufacturing sector which, he said, should contribute 25 per cent to the GDP. This is not the time for incremental changes but quantum jumps, he said.
He also highlighted the Start Up India, Stand Up India initiative, promising to reduce patent fees by 80 per cent to promote young and promising entrepreneurship.
“Our government’s concept of Stand Up India, Start Up India will serve the younger generation’s aspirations and unleash greater employment and economic growth,” he said.
To the global players, he said, “ This century belongs to Asia. I would like to invite all those who are here and those not here to participate and make it your century.”