Jaitley promises ease of doing biz, tax reforms

Asks Turkish industry leaders to invest in India

Promising a rational tax regime and easier business environment, Finance Minister Arun Jaitley on Friday asked Turkish industry leaders to invest in India including in smart cities, textiles, food processing and renewable business sectors.

In an interactive session with them on the sidelines of the G20 Meeting of Finance Ministers and Central Bank Governors, he said the government has made significant progress in improving ease of doing business in India and a lot more was being done in this regard.

"We have made significant progress on ease of doing business, although I would not say as yet that we have perfected it," Jaitley said. Committing himself to rationalising the taxation regime, both in terms of direct and indirect taxes, he said a number of initiatives that offer significant investment opportunities have been announced for global investors including from Turkey.

"We are in the process of rationalising our tax structures, both direct and indirect taxes... We have very large natural resources... we have expedited the clearances and more and more laws are being liberalised," Jaitley said while listing out the steps being taken by the government.

The Finance Minister said India has benefited significantly from the decline in global oil prices.

While a part of these benefits have been passed on to consumers and has helped lower the inflation, such benefits have also resulted into greater funding for infrastructure space. Still, the requirement for funds remain huge in the infrastructure space, where foreign investors can play a significant role, he added.