PM Modi highlights corporate tax reduction, calls for investments

Pitching India as an attractive investment destination, Prime Minister Narendra Modi said on Sunday that norms on single-brand retail had been eased, coal mining and contract manufacturing was open for 100 per cent FDI investment and "big" reduction in corporate tax will make India more globally competitive.

He said CEOs of energy companies, whom he met yesterday, were "very enthusiastic" about government's recent decision to reduce corporate tax.

Addressing a large gathering of Indian American community at 'Howdy Modi' event here in the presence of the US President Donald Trump, Modi said India was not deferring challenges but confronting them.

"India today is not laying stress on incremental change but the complete solution of problems. All the things that looked impossible, India is making them possible," he said.

He said the feedback from the oil company CEOs was that reduction in corporate tax has sent a positive message not only in India but among the global community.

"We have relaxed norms of single-brand FDI retail. In coal mining and contract manufacturing, there can be 100 per cent foreign investment. I met energy company CEOs yesterday. The decision by India to make a big reduction in corporate tax, they were very enthusiastic about it. Their feedback is that reduction in corporate tax has sent a positive message not only in India but among the global community. The decision will make India more globally competitive."

The Prime Minister said India was striving to become a USD 5 trillion dollar economy and the government was laying thrust on boosting infrastructure, investment and exports.

"We are moving forward by creating a people-friendly, development-friendly and investment-friendly atmosphere," he said, adding that the country will spend USD 1.3 trillion on boosting infrastructure.

The Prime Minister said that the country has seen an average growth rate of 7.5 per cent over the last five years despite global uncertainties and this has never happened before.

He said there was an atmosphere of low inflation, low fiscal deficit and growth and India had emerged as one of the best FDI destinations.