SME Times News Bureau | 15 Aug, 2012
The Planning Commission Deputy Chairman Tuesday said the biggest challenge before India is to improve investment climate, and the recent move taken by the Prime Minister Manmohan Singh in setting up a review panel on GAAR has sent the right signal.
"Globally there is an environment that investors are nervous. It is very important that we should do the most we can to present a positive picture of our economic situation that we are welcoming foreign investors," Ahluwalia is quoted by a news agency report.
He was speaking to reporters after a meeting with Finance Minister P Chidambaram.
Ahluwalia further said the initiatives taken by the Prime Minister to set up a new committee on the controversial General Anti-Avoidance Rules (GAAR) has sent a signal which has been received well by the investors.
Last month, the Prime Minister had set up an expert committee on GAAR to address the concerns of investors and come out with report by September end.
The then finance minister Pranab Mukherjee announced the General Anti Avoidance Rules as part of the budgetary proposal in the 2012-13 union budget presented in parliament in March this year.
However, following widespread protests from business community and political parties, Mukherjee later deferred the implementation of the new tax rules by one year.
