India to liberalise tax regime to attract investment: Modi

India to liberalise tax regime to attract investment: Modi

Agency News

Bangkok, Nov 3 : India would work towards making its tax regime more people-friendly to make the country one of the world's most attractive economies for investment, Prime Minister Narendra Modi said on Sunday.

"You would already have heard of India's decision to cut the corporate tax rates. Our GST has fulfilled the dream of economic integration of India. We want to work towards making it even more people- friendly. All of what I have said just now makes India one of the world's most attractive economies for investment," Modi told business leaders from Thailand and India.

"In today’s India, the contribution of the hard working tax payer is cherished. One area where we have done significant work is taxation. I am happy that India is one of the most people-friendly tax regimes.

We are committed to further improving it even more," he said in a speech at the Aditya Birla Group’s golden jubilee celebrations in Thailand.

Modi said the 50 years of a leading Indian industrial house in Thailand with which India has strong cultural linkages reaffirmed his belief that commerce and culture have inherent powers to unite. "May the bonds of culture and the zeal of commerce keep bringing the world closer in the times to come," he added.

India received 286 billion US Dollar FDI in the last five years. This is almost half of the total FDI in India in the last twenty years. Ninety per cent of this came through automatic approvals. And 40 per cent of this is Green Field Investment. "This shows that investors are taking a long term call on India."

The Prime Minister said the variables for doing business in India are many. It's a large and diverse nation. There are the Centre, State and local governments. "In such a context, a directional shift shows our commitment to reforms. The people and government came together to make the business environment better." (UNI)