India building predictable tax regime, Modi tells German investors

Prime Minister Narendra Modi said on Sunday that India was building a predictable, stable and competitive tax regime and the policies have been reformed towards more foreign direct investment.

In his addresss at the inauguration of Hannover Messe industrial fair, in which India is the partner country, he said India will play its role as an anchor of stability and a force for peace and stability in the world.

"We are building a tax regime that is predictable, stable and competitive. We will now address the remaining uncertainties," Modi said.

The prime minister said that his government was creating a stable economic environment that inspires confidence at home and abroad and German investors will find environment in India not only open but also welcoming.

"We have taken sweeping steps to reform our policies and open up more to foreign direct investments...We will make it easy to do business in India...The Goods and Services Tax is a long needed revolution that is becoming a reality," he said.

Modi said his government had resumed long stalled projects and it was adding new momentum to the country's economy.

"Our decision to be here in the first year of my government reflects our priority. (We) want to accelerate economic growth and create jobs," he said.

"India will do its part- as an anchor of economic stability; an engine for growth and as a force of peace and stability in the world," he added.

Modi also said India will endeavour to fuel its growth with "the cleanest and most efficient use of energy".

Earlier, Modi was welcomed by German Chancellor Angela Merkel at the Hannover Messe industrial fair, which is the world's largest industrial trade fair.