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Make in India: PM Modi promises stable tax regime, reforms

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 IPR regime.

india Updated: Feb 14, 2016 01:39 IST
Narendra Modi,Make in India,Make in India week
Prime Minister Narendra Modi addresses during the inauguration of the Make in India Week in Mumbai.(PTI)

“Don’t wait, don’t relax.” In an aggressive pitch to global industries, Prime Minister Narendra Modi launched the first-ever ‘Make in India’ week on Saturday, exhorting business giants to set bases in the country. Modi went on to say that this was “the best time” ever to be in India “and even better to make in India”.

Wooing capital, Modi attending a dazzling launch of the week at Worli’s National Sports Club of India stadium asked global players to be a part of the country’s unfolding story. Calling ‘Make in India’ the biggest brand India ever created, Modi said, “I keep saying this is Asia’s century. My advice to you is to make India your centre, if you want this century to be your century.” Modi addressed foreign diplomats and industrialists, among them the prime ministers of Sweden and Finland, and made a strong argument in favour of manufacturing in the country. The event, officially kicking off a six-day event to showcase India as an attractive investment destination, was layered with speeches by the two premiers and cultural performances, among other events.

Peppering his speech with statistics and rhetoric in equal measure, Modi showcased his government’s commitment to reducing red tape and bringing in financial reforms. The PM said his government had realised the need for many “corrections” and went on to list his commitment on issues that have been sore points for investors, such as retrospective taxation, the yet-to-be-passed bankruptcy law, a new patent regime, easier licensing processes, etc.

However, more than the long list, Modi delivered his government’s approach in a single line, to much applause. “India is blessed with 3Ds — democracy, demographic and demand. To this, we have the fourth D of deregulation. Today’s India is a four-dimensional India,” he said.

Read: Make in India has captured everybody’s imagination: PM Modi

First Published: Feb 13, 2016 20:32 IST