Prime Minister Narendra Modi on Wednesday said that the recently announced corporate tax cut reforms provide a big opportunity to the global investors to partner with India.
Prime Minister Narendra Modi on Wednesday said that the recently announced corporate tax cut reform provides a big opportunity to the global investors to partner with India. It comes after the government reduced the effective corporate tax rate to 25.17 per cent from nearly 35 per cent, thus bringing India at par with major global economies on taxation front. For investors looking for a market with scale, India provides a great opportunity, Narendra Modi said in his address to the US business leaders in New York. “Let me tell you, the new government is only three-four month old. I want to assure that this is only the beginning. Still there is a long way to go. In this journey we want to partner with the global business community. This is a golden opportunity for you,” PM Modi said. On reforms, Modi said that the country has performed brilliantly on all indices, owing to constant reforms brought about by his government.
Here are the key highlights
Prime Minister Narendra Modi said that India received $286 billion FDI in last five years, which is half of what it got in the previous 20 years. “If you want to invest in a market where there is scale, come to India… If you want to invest in start-ups with a huge market, come to India…If you want to invest in one of the world’s largest infrastructure ecosystem, come to India,” he told global corporates.
$5 trillion economy
India is aiming to become a $5 trillion economy by 2024-25, he said. The Prime Minister said $1 trillion has been added to the economy in 5 years and the target is to make the country a $5 trillion economy.
Ease of doing business
The government in its second term has also repealed 50 laws to improve ease of doing business, Narendra Modi said. There is a government in India which respects the business world and values wealth creation, he said. The government has been taking big and hard decisions to improve business environment, he noted.
PM Modi said that democracy, political stability, predictable policy, independent judiciary guarantee investment and the government has guaranteed all of these.
120 GW out of 175 GW renewable energy target has been achieved by India, he added. The government is targeting 450 GW in the near future, he also said.