India committed to providing stable tax regime: PM

The Prime Minister, Narendra Modi, stressed on need for transforming the Indian industry into a manufacturing hub for the world and as an engine for employment at home through the implementation of Goods and Services Tax (GST)

The Dollar Business Bureau TAX The Prime Minister of India, Narendra Modi, on April 12, 2015, said that the Indian Government is building a tax regime that is predictable, stable and competitive. Wooing the global participants at the inaugural session of Hannover Messe 2015, Narendra Modi reiterated India’s commitment towards providing a stable economic environment for the investors. “Germany is a valued partner and an enduring symbol of technology, innovation, quality and productivity,” said Modi and sought Germany’s partnership in opening up India’s economic potential. Stating that India is also ready to embrace the world, Modi said that the Indian industry would transform into a manufacturing hub for the world and an engine for employment at home. For this purpose, we require investments and technology, industry and enterprise, which could be ensured through the ‘Make in India’ initiative, he added. The Prime Minister further informed that the Indian government is taking enough steps in reforming policies and opening up ways for foreign direct investments in key areas like insurance, construction, defence and railways. “Besides removing unnecessary regulations, simplifying procedures using digital technologies, we have also set up ‘Invest India’ and country desks that will be networked to the States, to make the things easier for the investors,” said Modi. The institutions are being reformed and the Goods and Services Tax (GST) - a long-needed revolution, is also becoming a reality, he added. Stating that creation of a world-class infrastructure is the highest priority, the Prime Minister said that India witnessed a sharp increase in public investments and also has set up a National Infrastructure and Investment Fund and a new institution for the integrated development of the infrastructure sector. Aimed at fuelling growth by efficient use of energy, India is aiming at achieving a target of 75 GW of new capacity for renewable and clean energy in the next seven years, Modi added.