Seoul: Wooing global investors, Prime Minister Narendra Modi today promised a more stable and predictable taxation system and said his government was working aggressively to make India a very easy place to do business.
Addressing South Korean CEOs here on the last day of his three-nation tour, he said his government has in last one year restored India's global positioning in politics, governance and economy. "But we are not going to stop here. We have to and we will do a lot better," he said. Foreign Direct Investment (FDI), he said, was important and will not come to India "without a globally competitive business environment."
In this handout photograph taken on May 19, 2015, Indian Prime Minister Narendra Modi (R) shakes hands with President and CEO Samsung Electronics Jong-kyun Shin ahead of a meeting in Seoul. Modi called on South Korea to be a "leading partner" in his country's economic modernisation as he talked up investment opportunities at the start of a two-day visit. Pic/ AFP
"So, we are working aggressively for making India a very easy place to do business," he said. Seeking collaboration with Korean businesses in sectors like IT and electronics, steel making, railways, ship building and housing, Modi said, "A dedicated mechanism for hand holding of Korean investors" is being formed. "It will be known as Korea Plus. In addition I assure you of my personal attention if there are any issues," he said.
The BJP-led government in the last 11 months has taken a series of measures to improve the business environment and enhance investor confidence. "We do believe that 'ease of doing business' has become an important factor in attracting investments in the country," he said, adding the government stood committed to make "taxation system more stable, predictable and transparent."
"We have already resolved many taxation issues affecting the foreign investors. This is all to become more conducive for business and bring in technology and capital," he said. Maintaining that initial steps have got good results, the Prime Minister said sentiments for private investment and inflow of foreign investment are positive.
"Our growth rate is above 7 per cent. FDI inflows have gone up by 39 per cent during April-2014 and February-2015 against the same period in previous year," he said. Modi said several international financial institutions like World Bank and IMF are predicting even faster growth in the coming years. "Moody's has recently upgraded the rating of India as positive on account of our concrete steps in various economic segments," he said.