Promising stable and predictable tax regime, Prime Minister Narendra Modi on Saturday said this was the best time to invest in India as the government carries reforms, including setting up a company law tribunal and effective intellectual property rights (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 in Mumbai.
Earlier in the day, Modi launched the largest-ever manufacturing summit MII Week here in the presence of heads of state, a battery of business leaders and foreign delegates.
Over 2,500 international and 8,000 domestic companies are participating in the week-long multi-sectoral industrial event, which is also being attended by foreign government delegations from 68 countries and business teams from 72 nations.
“We have the technology to allow India to leapfrog ahead to go where others have not been yet,” Mr Catz said.
Here are his top ten quotes:
India contributed 12.5% to global growth. Its contribution is 68% higher than its share in global economy.
We have enacted law to fast-track arbitration proceedings. Soon we will have transparent IP and patent regime.
Today India is perhaps the most open country for FDI. There is an all-round emphasis on ‘Ease of doing business’
FDI inflow has been up 48 per cent since my government came into office. FDI inflow in December 2015 was highest-ever in the country.
There is no time for incremental changes, we want a quantum jump.
Make In India is a drive to fulfill the un-met demands of the common man.
We want our youth to become job creators rather than job seekers. That is why we have launched the Startup India campaign.
India blessed with three Ds: Democracy+Demography+Demand. The 4th D is Deregulation.
I would like to give industry some friendly advice. Do not wait. If you take one step, we will walk 2 steps for you.
This is the best time to be in India, it is even better to Make in India.
This Is The Best Time To Be In India, Even Better To Make In India: PM Modi
Prime Minister Narendra Modi at the inaugural programme of Make in India in Mumbai.
PM Modi said, “We want to present to the world the enormous opportunities that India presents… This is the best time to be in India, even better to ‘Make in India’.”
“FDI inflow has been up 48 per cent since my government came into office. FDI inflow in December 2015 was highest-ever in the country… we want manufacturing to be 25% Of our GDP,” he added.
Government delegations from 49 nations and business delegations from 68 are taking part in the week-long event.
This morning, PM Modi opened the ‘Make in India’ Centre at Mumbai’s Bandra Kurla complex, where an expo showcasing India’s manufacturing capacities is on.
Seventeen state exhibitions and several country pavilions have been built at the 20,000 sq m centre. The country pavilions include exhibitions from Sweden, Germany and South Korea.
PM Modi started his Mumbai visit today by inaugurating a new building of theBombay Art Society. “The A in Art stands for Ageless, R is Race, Region or Religion less and T is Timeless,” he said in his address.
Make in India is the government’s flagship initiative, launched by PM Modi last year in September, to encourage international companies to manufacture their goods in India. After its launch last year, India surpassed China and the US as the top destination for Foreign Direct Investment.
The Make in India week, in the Prime Minister’s own words, “celebrates the achievements of the manufacturing sector and offers insights into the investment opportunities in India.”
The Prime Minister is expected to hold bilateral meetings with the visiting foreign leaders during the week. Over 9,000 delegates are expected to participate in different events.
The week is also likely to see its share of politics, with the BJP’s ally the Shiv Sena saying on Friday that its chief Uddhav Thackeray has not been invited for a dinner on Saturday Mr Modi is presiding over.