Make in India: PM Modi Promises a Stable Tax Regime, More Reforms

PM Narendra Modi spoke at the Make in India grand opening ceremony at Mumbai about the government’s reforms.

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India
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The Prime Minister, Shri Narendra Modi addressing at the inauguration of the Make in India Week, in Mumbai on 13 February. (Photo Courtesy: <a href="http://pib.nic.in/newsite/photo.aspx">PIB</a>)

A meeting to mark the government’s Make in India initiative was held in Mumbai on Saturday. Prime Minister Narendra Modi himself tweeted some pictures of the grand opening of the Make in India week.

Promising a stable and predictable tax regime, Modi said that this was the best time to invest in India as the government carries reforms including setting up a company law tribunal and an 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.
Prime Minister Narendra Modi

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

(Photo Courtesy: Twitter/@MEAIndia)
(Photo Courtesy: Twitter/@MEAIndia)
I have been saying that this century is Asia’s century. My advice to you is to make India your centre; 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.
Prime Minister Narendra Modi

Modi said that India is probably the most open country for Foreign Direct Investment (FDI), which has increased by 48 percent 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 economy in the world. The growth in India could be well above 7 percent, he said, adding leading institutions like the IMF, World Bank, ADB and OECD have projected a better growth in coming years.

Listing investment opportunities, Modi said that metro rail network is being set up in 50 cities and the government is engaged in developing infrastructure in a big way in areas like roadways, ports and railways.

With this background, I invite and encourage you to make India your work place; and also your home.
Prime Minister Narendra Modi

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