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No more retrospective taxes in India: Narendra Modi

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London: Prime Minister Narendra Modi has said that India will no longer resort to retrospective taxation, while acknowledging that such steps were adversely affecting the mood of existing and potential investors.

“There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long-pending concerns,” the prime minister told the Indo-UK Business Meeting late on Thursday.

“We have clearly articulated that we will not resort to retrospective taxation and demonstrated this position in a number of ways. This includes not going for the imposition of minimum alternate tax on foreign portfolio investors,” he said.

“We want to make sure our tax regime is transparent and predictable. We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters,” he said at the at historic Guildhall, the city’s ceremonial administrative centre for several centuries.

The prime minister said as the result these steps, not only have the sentiments for the inflow of foreign investment turned positive, but inward equity has also actually gone up by 40 percent in the year thus far, compared with the corresponding period of last year.

This apart, he said, Ernst and Young has ranked India the most attractive investment destinations for greenfield projects and so have USA’s Foreign Policy magazine and Frost and Sullivan.

“India has also jumped 16 places on the World Economic Forum’s global competitive index,” he continued.

“In just 18 months, we have successfully restored the credibility of India in the eyes of global players.”

(IANS)

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India Begins Its Election Season With Five States

The BJP has sent top leaders to campaign in Chhattisgarh.

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India, elections
India's Prime Minister Narendra Modi gestures as he addresses the gathering during the 'Global Mobility Summit' in New Delhi, India, VOA

India began on Monday the first of five state elections to be held in coming weeks, important tests for Prime Minister Narendra Modi as he plots a course that he hopes will ensure him victory in a general election due by May.

Voters in the central state of Chhattisgarh went to the polls on Monday to elect representatives for 18 of the state assembly’s 90 seats in a staggered poll complicated by logistical problems and left-wing guerrillas.

The state of about 26 million people has been ruled by Modi’s Bharatiya Janata Party (BJP) since 2003, and he will be hoping to hold on to power.

India, elections
Prime Minister Narendra Modi Continues To Stay Mum On The #MeToo Movement. Wikimedia Commons

“Some unholy people have handed guns to children who should have pens in their hands,” Modi told a rally in the state on Friday, referring to the rag-tag guerrillas battling government forces from forest hideouts. “They’ve finished the lives of our tribal children.”

Hundreds of election workers had to be flown in to remote polling stations by helicopter because of the danger posed by the rebels.

Modi called for voters to back his BJP and its vision of “development for all.”

The final phase of voting in Chhattisgarh, which is known for its coal, iron ore and bauxite reserves, will be on Nov. 20.

India,India, elections
India’s Congress party President Rahul Gandhi displays documents as he accuses Narendra Modi’s government of buying 36 Rafale fighter jets from France’s Dassault at a highly inflated price, in New Delhi, India. VOA

The BJP was the preference of about 43 percent of voters in Chhattisgarh, 7 percentage points ahead of the main opposition Congress party, according to a survey released last week by the Lokniti-Centre for the Study of Developing Societies.

Modi’s other big tests will be in the neighboring central state of Madhya Pradesh, where the BJP is slightly ahead of Congress, according to polls, and in the northwestern state of Rajasthan, where Congress is expected to emerge victorious.

A good performance by the BJP in the elections would help it deflect growing criticism over unemployment and a crisis in the countryside over falling farm prices and wages.

India, elections
Modi Appeals For A Regional Front Against Terrorism, flickr

Elections will also be held for assemblies in Telangana in the south and Mizoram in the northeast.

The BJP has sent top leaders to campaign in Chhattisgarh, including Yogi Adityanath, a firebrand Hindu priest and the BJP chief minister in Uttar Pradesh state.

Also Read: PM Narendra Modi Announces Easier Access to Credit

Adityanath has been appealing to the BJP’s Hindu-nationalist base and on Sunday accused the opposition of blocking construction of a temple for Hindu god Ram on a disputed site in Uttar Pradesh.

The destruction of a mosque on the site by a Hindu mob in 1992 sparked deadly riots across the country. (VOA)