PM said that while India has lowered the tax burden on the middle class considerably in the last five years, it is now starting ‘faceless’ tax assessment to avoid any discretion or harassment.
India is one of the most people-friendly tax regimes, Prime Minister Narendra Modi told a gathering of business leaders from Thailand and India on Sunday in Bangkok. Stressing on his government’s focus on tax reforms for its people and businesses, Modi said that while India has lowered the tax burden on the middle class considerably in the last five years, it is now starting ‘faceless’ tax assessment to avoid any discretion or harassment. “Our GST has fulfilled the dream of the 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 said.
Speaking at the golden jubilee event of the Aditya Birla Group, referring to the Direct Benefit Transfer (DBT) scheme launched to help people get direct benefit of the government’s subsidies and benefits, the prime minister said that DBT has ended the culture of middlemen and inefficiency and has saved more than $20 billion so far.
Modi also stressed on the $286 billion FDI received in the last five years to highlight investors’ interest in the Indian economy. “90 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 India is among the top 10 FDI destinations, as per UNCTAD moved up 24 ranks on the Global Innovation Index of WIPO in five years. He further reiterated the government’s target of $5 trillion dollar economy. “In 65 years, 2 trillion. But in just 5 years, we increased it to nearly 3 trillion dollars. This convinces me that the dream of a 5 trillion dollar economy will soon become a reality. We are going to invest One Point Five Trillion Dollars for next-generation infrastructure,” he said.
Modi added that India is actively working on Industry 4.0 to adopt latest technologies for development and governance needs in order to become a global manufacturing destination. “If there is one thing I am especially proud of, it is India’s talented and skilled human capital. No wonder India is among the world’s largest start-up eco-systems,” the prime minister said.