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FDI policies in India with minimal conditionalities: PM
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SME Times News Bureau | 30 Aug, 2014
Prior to leaving for Japan Aug 30, Prime Minister Narendra Modi Friday
spoke to the Japanese media and stated that FDI (foreign direct
investment) influx will happen on its own, as the foreign capital
investment policies are with minimal conditionalities.
"I feel
that with the right signal of policy stability and genuineness of intent
by the government, FDI influx will happen on its own, as India is an
excellent investment destination," Modi replied to a question put to him
regarding his efforts at attracting FDI in India.
"We are open
to dialogue and will strive to remove all roadblocks to inviting FDI.
There are not many sectors left where FDI has restrictions. Review of
FDI policy is a continuous exercise. We have recently opened up the
railway sector to 100 percent FDI and 49 percent in defence."
On
the proposed goods and services tax (GST), the Prime Minister said that
its introduction is likely to reduce costs for industry, trade and
consumers.
"Further, it would lead to widening of tax base and a
significant improvement in tax compliance. We are discussing with
states and holding dialogues for assuaging their apprehensions about
possible revenue loss, and I am confident that sooner rather than later
the states will come on board," Modi added.
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