Posted on September 26, 2019, 12:19 PM IST
Target to make India $ 5 Trillion Economy
PM Modi is on a week long visit in the US and with his charismatic charm has been wooing investors to take a dip in the rich IT and Data resources developing in the country. Pitching his innovative ideas at the Bloomberg Summit, he created a winning oratory to engage foreign investors into investing in real estate, defence, start-ups, and the IT sector. PM Modi promised that his administration has pumped $1.3 Trillion in terms of growing modern infrastructure.
He also assured that the Asian Development Bank has lifted the corporate tax reductions in private investment, including foreign direct investments, to boost India’s global economic presence. The slash in this corporate tax makes India the lowest tax induced government in Asia, thus making it a revolutionary and momentous step for foreign investments.
Addressing the business leaders, PM Modi further explained that the government has abolished more than 50 regressive laws that had became hindrances on the conduit of economic progress within a short period in his second tenure.
Terming it as a new beginning, he said- “There is a long haul ahead of us. This is a golden opportunity for the global business community to partner with India in this journey. In many countries, capital gains tax does not apply to foreign investors. There is a debate on whether India should mature to that or not. We will undertake necessary modifications on a regular basis on tax-related laws and to bring tax on equity investments on a par with global tax regime.”