Arab Today, arab today modi promises businessfriendly india to us executives
Last Updated : GMT 14:10:19
Arab Today, arab today
Arab Today, arab today

Modi promises business-friendly India to US executives

Arab Today, arab today

Arab Today, arab today Modi promises business-friendly India to US executives

Indian Prime Minister Narendra Modi (R)
New Delhi - AFP

Prime Minister Narendra Modi vowed to banish India's reputation as a tough place to do business Monday, telling US President Barack Obama and American CEOs that he would ease off on taxes and encourage innovation.
As he promised a more "competitive" tax regime, Modi also pledged to address concerns about intellectual property that have long irked potential investors in Asia's third-largest economy.
Obama, who is in the middle of a three-day visit to India, hailed the new change in tone at the top of India Inc but said there were still "too many obstacles" for businesses wanting to break into the vast market.
Under the previous left-leaning Congress government, investors frequently complained about a hostile business climate in India, frustrated by bureaucracy and corruption. In the last World Bank rankings on the ease of doing business rankings, India placed 142nd out of 189 countries.
But in his speech to a joint group of US and Indian businessmen, the new right-wing prime minister said he aimed to have his country up in the top 50 and promised his audience that things would change drastically.
"You will find an environment that is not only open, but also welcoming," he said in the address to executives such as PepsiCo chairman Indra Nooyi and MasterCard president Ajay Banga.
"We will guide you and walk with you in your projects.
"You will find a climate that encourages investment and rewards enterprise. It will nurture innovation and protect your intellectual property.
"It will make it easy to do business," said Modi, who was elected last May after promising to transform the Indian economy after growth rates had tailed off to their slowest rate in a decade.
One of the main gripes by foreign businesses under Congress was that the tax regime was both aggressive and arbitrary.
- Tax disputes -
British mobile giant Vodafone is currently embroiled in a bitter, $2.4-billion battle with India's tax authorities, while Finnish company Nokia had a plant in India seized over a tax dispute.
Vodafone is battling the demand for back taxes over its $10.7-billion purchase of Indian mobile operations in 2007 from Hong Kong-based Hutchison Whampoa, while India's tax authorities have also locked horns with Royal Dutch Shell, IBM and other international companies.
In his speech, Modi acknowledged that the tax rules had been too harsh and that he planned to lessen the burden.
"We have removed some of the excesses of the past. We will soon address the remaining uncertainties."
Modi sees attracting more foreign investment as key to putting India on the path to sustainable growth and has been extensively promoting a "Make in India" campaign designed to turn the country into a manufacturing hub.
The stark change from Congress has been welcomed by Obama who outlined investments worth some $4 billion, including an announcement that the US Trade and Development Agency would provide $2 billion for renewable energy projects.
But the US president said there should be no illusions about the scale of the task ahead, adding that their economic relationship "is defined by so much untapped potential".
"We have to keep working to make it easier to do business in both of our countries," said Obama.
"There are still too many barriers, hoops to jump through.
"We hear this consistently from business leaders such as you," Obama added, speaking alongside Modi.
"We have got to do better."
Speaking last week, the US ambassador to New Delhi said bilateral trade was now running at around 100 billion dollars a year -- five times the level of a decade ago.
But Ambassador Richard Verma also said there was potential for the levels of bilateral trade to grow by another five times.
Before becoming prime minister, Modi spent more than a decade as chief minister of the thriving coastal state of Gujarat which won a reputation under his stewardship as India's most investor-friendly place.
"Everything we wish to do involves enterprise and investments, but even more -- innovation and imagination," said Modi.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today modi promises businessfriendly india to us executives Arab Today, arab today modi promises businessfriendly india to us executives

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday