Hopeful of rolling out GST bill in 2016: PM Modi in Bengaluru
Bengaluru, OCTOBER 6
Prime Minister Narendra Modi said on Tuesday his government is on the path of making India a global manufacturing hub and has worked hard to make the country a favourable place to set up business.
While addressing the Indo-German Business Summit in Bengaluru in the presence of German Chancellor Angela Merkel, PM Modi enumerated the steps taken by his government to create conducive conditions for business in the country.“At a time of a global slowdown, India represents a bright spot for investments,” said the Prime Minister.
PM Modi also said his government wants to ensure that India’s tax regime is transparent and predictable and will not reinforce retrospective tax regime.
“We have introduced the GST bill in Parliament and are hopeful to roll it out in 2016,” he said.
He added that India sailing in the right direction but cannot be complacent.
Modi and Merkel are participating in an event hosted by the National Association of Software and Services Companies (Nasscom) and the German Fraunhofer Institute on Digitising Tomorrow.
They also visited German automotive major Bosch’s facility in Bengaluru for a firsthand view of its operations in India.
Both the leaders also interacted with top executives of German firms operating in India, including Bengaluru, and exchanged views on how to help the government boost its ‘Make in India’ and ‘Digital India’ initiatives for creating jobs and promote exports.
Merkel and Modi will also participate in a working lunch with high-ranking business leaders from India and Germany.
Earlier, Karnataka governor Vajubhai R Vala and chief minister Siddaramaiah received Modi who arrived by an Indian Air Force (IAF) at the HAL airport amid tight security.
Merkel, 61, who is on a three-day official visit to India since Sunday, flew into Bengaluru on Monday night with a large official-cum-business delegation to participate in the twin events with Modi.
On Monday, Germany pledged over one billion euros to India’s solar energy push as the two countries struck a deal to fast-track investments from the European powerhouse and revived stalled talks on a crucial India-EU free trade pact.
Modi and Merkel signed 18 agreements on the second day her three-day visit, agreeing to enhance ties in key areas, including defence, intelligence, railways, trade and combating terrorism.
Asia’s third-largest economy has been relatively insulated from a slump in global trade, but Modi still needs to boost exports for his pitch to investors to create skilled jobs for millions of young Indians.
Germany, Europe’s largest economy, is looking to expand its presence in India to compensate for a slowdown in China, and offered assistance for flagship projects like Make in India, Digital India and the Clean Ganga project.