Inviting British industry to invest in “happening” India, Commerce and Industry Minister Nirmala Sitharaman pledged her government’s commitment to ease conditions for foreign companies in India.
Speaking to U.K. and Indian businesspeople gathered at the 10th Joint Economic and Trade Committee meeting here on Monday, Ms. Sitharaman said that India with its 5 per cent growth rate remained a far more attractive investment destination than parts of Europe — including Germany — for British businesses, particularly given the Indian government’s recent drive to reform business rules.
She pointed to the over 40 changes to the rules of the Companies Act 2013 (effective since April 2014) that her ministry had brought in. To ensure measures were speedily implemented and not held up by parliamentary procedure she said the government had used — and would continue to use — the ordinance route. The government was committed to ensuring India quickly rose up the ranks of the World Bank’s ease-of-doing-business index. India ranked 142 in the last index published last October.
She reiterated the government’s commitment to simplifying the tax framework in the forthcoming budget and avoid the use of any retrospective taxation rules to boost government revenues.
Later addressing a press conference, Ms Sitharaman underscored her interest and commitment to further negotiations on the E.U.-India Free Trade Agreement — one of the topics discussed with Minister in the U.K., and with the EU ambassador to India on several occasions.
