Prime Minister Narendra Modi said on Friday that the government’s decision to eliminate retrospective taxation reflects India’s commitment to follow through on promises and sends a clear message to all investors about new opportunities.
Modi urged officials to take advantage of new opportunities created by changes in global supply chains in the post-Covid-19 era during a virtual meeting with heads of Indian missions and other stakeholders from the trade and commerce sector.
The meeting, the first of its kind, was joined by commerce minister Piyush Goyal and external affairs minister S Jaishankar. The theme for the meeting, as outlined by Modi, was “Local goes global – Make in India for the world”.
Referring to the importance of stability in doing business, he said the decision by India to get rid of retrospective taxation shows the government’s commitment and consistency in policies. “It sends a clear message to all investors that, moving forward, India is not only opening doors to new possibilities but the decisive government of India has the will to fulfil its promises,” he said.
The government introduced a Bill in the Lok Sabha on Thursday to prevent the income tax department from raising tax demands retroactively, in an attempt to resolve long-running disputes with foreign firms such as Vodafone Plc and Cairn Energy Plc, which total more than Rs 20,000 crore.
The move is seen as investor-friendly, as it aims to end protracted litigation and arbitration, particularly with Cairn, which has staked claim to India’s overseas assets.
Modi stated that the 75th anniversary of India’s independence is an opportunity to create a clear vision and roadmap for the country, which includes the country’s export goals. As the world shrinks as a result of increased physical, technological, and financial connectivity, new opportunities for India’s exports emerge. Modi emphasised the importance of boosting exports in order for India to reclaim its former share of the global economy.
He urged stakeholders to focus on taking advantage of new opportunities created by changes in the global supply chain following the pandemic. As the country moves towards “Atmanirbhar Bharat”, one of its goals is to increase exports manifold by accessing the global supply chain. “While encouraging competition and excellence, we have to prepare global champions in every sector,” he added.
Modi stated that the 75th anniversary of India’s independence is an opportunity to create a clear vision and roadmap for the country, which includes the country’s export goals. As the world shrinks as a result of increased physical, technological, and financial connectivity, new opportunities for India’s exports emerge. Modi emphasised the importance of boosting exports in order for India to reclaim its former share of the global economy.
He urged stakeholders to focus on taking advantage of new opportunities created by changes in the global supply chain following the pandemic. As the country moves towards “Atmanirbhar Bharat”, one of its goals is to increase exports manifold by accessing the global supply chain. “While encouraging competition and excellence, we have to prepare global champions in every sector,” he added.
Only a comprehensive action plan can help you meet your export goals. There is a need to find new destinations and export products, he said, because nearly half of India’s exports go to only four major destinations and engineering goods, gems and jewellery, petroleum and chemical products, and pharmaceuticals account for 60% of exports.
Secretaries from more than 20 departments, state government officials, and members of export promotion councils and chambers of commerce attended the event.
