Modi woos US corporates, says tax stability soon
30 Sept 2014 5:34 AM IST
Making a strong pitch to attract investments into India, prime minister Narendra Modi on Monday assured top American corporate honchos of tax stability and friendlier business environment in the country. Modi, who is on his maiden visit to the United States as Prime Minister, held meetings with a galaxy of American corporate executives, including those from Boeing, PepsiCo, Google, KKR and General Electric.
Bullish on the potential of the Indian market, the corporates have expressed keenness to strengthen their engagements with India especially at a time when the new government is rolling out various initiatives such as ‘Make in India’ campaign. ‘It is my conviction that tax stability is essential for confidence building,’ Modi told American CEOs.
His assertion comes at a time when some multinationals are caught in legal wrangles over tax matters in the country. Wooing the corporates, Modi said he wants to convert the Supreme Court judgment on coal allocation into an ‘opportunity to move forward and clean up the past’. The observation comes amid concerns that the ruling could negatively impact investor sentiments and overall business climate. The prime minister also pitched for big-ticket investments to develop India’s infrastructure and create more jobs and enhance the quality of life in the country.
Bullish on the potential of the Indian market, the corporates have expressed keenness to strengthen their engagements with India especially at a time when the new government is rolling out various initiatives such as ‘Make in India’ campaign. ‘It is my conviction that tax stability is essential for confidence building,’ Modi told American CEOs.
His assertion comes at a time when some multinationals are caught in legal wrangles over tax matters in the country. Wooing the corporates, Modi said he wants to convert the Supreme Court judgment on coal allocation into an ‘opportunity to move forward and clean up the past’. The observation comes amid concerns that the ruling could negatively impact investor sentiments and overall business climate. The prime minister also pitched for big-ticket investments to develop India’s infrastructure and create more jobs and enhance the quality of life in the country.
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