PM assures FIIs on tax stability, investment

Ahead of the Union Budget, Prime Minister Narendra Modi met 21 foreign investors on Tuesday, including asset managers, insurers and representatives of pension funds.

“I believe in a fair, predictable and consistent tax system, and in economic policies that will drive growth,” he told them. The event was organised by BlackRock Inc, the New York-based investment management corporation. The finance and railways ministers were among those present.

Modi stated the priority was to establish global benchmarks in areas such as governance, transparency and taxation.

In pre-budget consultations, foreign institutional investors had highlighted concerns on various tax issues. They also said India needed to enhance on ‘ease of doing business” measures, reducing the paperwork to get a project or investment going.

The PM said there was rising interest in India and “we have to accept that responsibility.” Emphasis was also laid on infrastructure development and job creation. “The railways could become a growth engine for the economy. The goal of affordable housing for all by 2022 would in itself provide a huge boost,” he said.

The PM sought help for skill development that would fulfil domestic and global requirements. He said India needed a skill development programme that focuses on both job creators and seekers.