Modi woos investors; promises predictable tax regime in India

Wooing investors from Germany and the rest of the world, Prime Minister Narendra Modi tonight promised a welcoming business environment in India with a "predictable, stable and competitive" tax regime and asserted that the "remaining uncertainties" will be addressed.

He said the task of turning around the systems in India is "huge" and will not be completed overnight but stressed that the government is firmly moving in that direction and it will be done.

Inaugurating, along with German Chancellor Angela Merkel, the Hannover Fair in which India is a partner country, Modi said his government is "removing unnecessary regulations and simplifying our procedures" to make it easy for doing business in the country and enable foreign companies to participate in the 'Make in India' programme.

"Today, I come to seek German partnership in my own mission to open up India's seamless economic potential. To the industry of the world that has assembled here today, I say that we have no special bias for our host today! India is open and ready to embrace the world," he said addressing the gathering of top business leaders from Germany and other parts of the world.

Citing his travels around the world, Modi said he has seen "a new level of interest" in building partnerships of trade, investment and innovation in India.

"It mirrors the surge of hope in our own people and industry; the new tide of expectation in our 800 million youth -- for opportunities and progress. And, if we want to fulfil the dreams of our youth, we must turn our industry into a manufacturing hub for the world and an engine for employment at home. And, we must equip our youth with the skills to meet the needs of our nation and the demands of the globalised world," he said.

Inviting investments and technology, the Prime Minister said, "We are using digital technology to eliminate multiple approvals and endless wait. We will guide you and walk with you in your projects. We have set up 'Invest India' and country desks in it that will be networked to the states. We will nurture innovation and protect your intellectual property."

"There were institutions in India that seemed beyond scrutiny. Well, they no longer are. We are reforming institutions in ways that has not happened in decades. We are building a tax regime that is predictable, stable and competitive. We will now address the remaining uncertainties. The Goods and Services Tax is a long needed revolution that is becoming a reality," Modi said.