Promising easier business environment for global investors, Prime Minister Narendra Modi on Sunday said invited Saudi businesses to invest in India in sectors like railways, defence and energy. The Prime Minister said a common indirect taxation regime in form of GST (Goods and Services Tax) was “about to happen." He, however, refrained from giving any specific timeframe.
Addressing Saudi CEOs and Indian business leaders, Mr. Modi said the government has opened up various sectors to foreign investments and India stands out as a “beacon of hope" amidst global economic slowdown. “World Bank has upgraded India by 12 ranks in Ease of Doing Business. I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms. You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen," Mr. Modi said.
The Prime Minister said the government is in favour of long-term stable and predictable policies. He also spoke about retrospective tax. “There are two cases of the previous government, but they are sub-judice matter, so I am not able to do anything... Now, retrospective tax in India has become a thing of past. It will not happen going ahead," Mr. Modi said.