The central government on Monday said it will rationalise and simplify the tax regime and undertake reforms that enhance the ease of doing business and revive investments.
Outlining the new government’s agenda, President Pranab Mukherjee said the government led by Prime Minister Narendra Modi will create a policy environment, which is “predictable, transparent and fair.”
“It will embark on rationalisation and simplification of the tax regime to make it non-adversarial and conducive to investment, enterprise and growth,” Mr. Mukherjee said, addressing the joint session of the two Houses of Parliament.
“Reforms will be undertaken to enhance the ease of doing business. My government will follow a policy of encouraging investments, including through FDI, which will be allowed in sectors that help create jobs and assets,” he said.
Referring to the recent slowdown in GDP growth, the President said the economy is passing through an “extremely difficult” phase and putting it back of track is a paramount task for the new government.
“We will work together to usher our economy into a high growth path, rein in inflation, reignite the investment cycle, accelerate job creation and restore the confidence of the domestic as well as international community in our economy,” he said.
During his 55-minute address, Mr. Mukherjee said the government will make every effort to introduce the Goods and Services Tax (GST) while addressing the concerns of States.