India will become global investment hotspot, Sitharaman told what is the strategy
New Delhi Finance Minister Nirmala Sitharaman on Monday assured the industry that the pace of economic reforms will continue to make the country an attractive destination for global investors. Addressing the National MNC (Multinational Companies) conference of industry body CII through online-video interaction, he said that India has turned the crisis created by the Covid-19 epidemic into an opportunity to pursue economic reforms. During this period, reforms which were pending for the last several decades were taken forward.
Sitharaman said, “Even at the time of the Kovid-pandemic, the Prime Minister did not miss the opportunity to pursue comprehensive reforms that had been pending for decades. The pace of reforms will continue. Many more steps are being taken related to reforms. ”He said that the financial sector is being given a professional stance and the government will move forward on the disinvestment agenda. According to the Finance Minister, the government will ensure that the new privatization policy for public sector units is expedited.In May, Sitharaman had announced a Rs 20 lakh crore self-sufficient India campaign package, saying that a maximum of four government companies would remain in strategic areas. The rest of the public sector units will eventually be privatized.
Integrated single window system
He said that during Prime Minister Narendra Modi’s first term, reforms like Direct Benefit Transfer, Goods and Services Tax (GST) and Insolvency and Credit Insolvency Code (IBC) etc. were implemented using technology. Sitharaman said, “We are strengthening the National Company Law Tribunal and the National Company Law Appellate Tribunal.This will enable the tribunals associated with company law to operate in a more efficient manner. ”In the context of further simplifying the rules for global companies to set up their establishments, the Finance Minister said that an effective integrated single window system will be made available so that the regulators , To have access to policy makers etc. in one place.
Referring to the Prime Minister’s meeting with the world’s 20 largest pension and government property funds earlier this month, he said that the forthcoming budget could emphasize what the global investor community would really expect from India in the changing environment. Have been Sitharaman said that after that meeting, the Prime Minister is again having an ‘online’ meeting with the Pension and Property Fund one by one, talking about their concerns and expectations on the policy front.
Corporate tax reduction
The Finance Minister said that in order to attract funds to various sectors of the economy, the announcement of tax exemption for government funds announced in the budget was implemented despite the Covid-19 crisis. Sitharaman said, “Many government funds have shown interest in investment.” He said that the government has opened up the space, nuclear power sector and defence production sector to the private sector. Sitharaman said, ‘After the government returned to power in 2019, many important reforms were put forward. The company tax was reduced to 15 per cent in September 2019 which is one of the lowest rates in the world. ’The Finance Minister referred to the system of‘ faceless assessment ’in matters related to indirect tax.
