Retro Tax Abolition to Boost Industry’s Trust

Prime Minister Narendra Modi said abolition of the retrospective taxation provision on indirect transfers will strengthen trust between the government and industry. He asserted that reforms were a “matter of conviction” and not compulsion for his government.

The economy has picked up pace again and the bills recently passed by parliament will give further impetus to reforms, he said at the annual session of the Confederation of Indian Industry (CII) held virtually on Wednesday.

He said the government is ready to take big risks in the interest of the nation. He urged industry to similarly enhance its risk-taking appetite, assuring it of all support.

The PM said India has 60 unicorns as opposed to about three-four seven-eight years ago and 21 of these emerged in the last few months. There’s been a record response to Indian startups from investors, he said.

“Record FDI (foreign direct investment) is also coming into India today and new records are being made in FPI (foreign portfolio investment) too,” he said. S-ET

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