PM promises stable tax regime, more reforms

Mumbai, Feb 13: 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 here.

Detailing the initiatives of government to boost manufacturing, he said steps have been taken to simplify processes and rationalise provisions regarding licences, security and environment clearances.

"I have been saying that this century is Asia’s century. My advice to you is to Make India your center; if you want this century to be your century. I invite everyone sitting here and also those not here, to be a part of India’s unfolding story," 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 per cent, 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.

PTI