India has stopped working routinely and bureaucratically: PM Modi in Thailand
BANGKOK: India has stopped working routinely and bureaucratically as the country is undergoing transformative changes, Prime Minister Narendra Modi He told a group of influential business leaders while selling his government's economic reform initiatives.
In inviting Thai business leaders to invest in India, the Prime Minister spoke particularly about initiatives to reform India's tax regime and said his government is now starting a faceless tax assessment so that there is no room for discretion or harassment .
The prime minister spoke at an event in Thailand.
In India today, the contribution of the hard-working taxpayer is appreciated. An area in which we have done significant work is taxation. I am happy that India is one of the friendliest tax regimes with people. We are committed to further improve it, he said.
The prime minister said it was the best time to be in India and that many things like foreign direct investment, ease of life and productivity are increasing, while tax rates, the red upholstery, corruption , cronyism is in decline.
Everything I just said makes India one of the most attractive economies for investment in the world. India received 286 billion US dollars FDI in the last five years. This is almost half of the total FDI in India in the last twenty years," Modi said.
The prime minister also referred to India's dream of becoming a $ 5 billion economy.
When my government took over in 2014, India's GDP was approximately 2 billion dollars. In 65 years, 2 billion. But in just 5 years, we increased it to almost 3 billion dollars, he said.
The prime minister arrived here on a three-day visit on Saturday to attend the Asean-India, East Asia and RCEP summits.