After launching the Make in India week in Mumbai, the prime minster explained the steps taken to ensure ease of doing business in India and invited investments.
Promising stable and predictable tax regime, Prime Minister Narendra Modi today said this was the best time to invest in India as the government carries reforms including setting up a company law tribunal and effective IPR regime.
“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 once again. We are also swiftly working towards making our tax regime transparent, stable and predictable,” he said at the ‘Make in India’ week.
“This (Make In India) brand has captured imagination of institutions, industry, individuals and media….It reflects our collective desire and is forcing us to make corrections and increase efficiency.
“India is one of the most open countries for FDI,” Modi said, adding that FDI inflows have gone up by 48% since this government came to power in May 2014.
“We want to make India a global manufacturing hub,” he said, adding there is an all-round emphasis on ‘ease of doing business’ now.
“India is blessed with 3 ‘Ds’, Democracy, Demography and Demand, to this we have added another D, Deregulation,” the PM said.
Changes are taking place at state level too and there is healthy competition among states in ease of doing business and boosting infrastructural linkages, he said.
Modi said that India is probably the most open country for Foreign Direct Investment (FDI), which has increased by 48 per cent since the BJP government came to power in May 2014.
He further said that results of the initiatives were manifesting themselves as India has become the fastest growing large economy in the world.
The growth in India would be well above 7%, he said, adding leading institutions like IMF, World Bank, ADB and OECD have projected a better growth in the coming years.
Listing the investment opportunities, Modi said that metro rail network is being set up in 50 cities and government is engaged in developing infrastructure in a big way in areas like roads, ports and rail.
“With this background, I invite and encourage you to make India your work place; and also your home. With this background, I invite and encourage you to make India your work place; and also your home,” he added.