AMN /
Prime Minister Narendra Modi today announced that the controversial retrospective taxation is a thing of the past and this chapter will never be opened again in India.
Addressing the business leaders of France and India in Chandigarh in presence of French President Francois Hollande, Mr. Modi said his government wants to ensure that foreign investors are clear about tax systems that will prevail in India over the next 15 years. He said, we are working towards improving quality of life, good governance and these are the two initiatives that world is attracted towards.
India has witnesssed 40 per cent increase in foreign direct investments and established itself as an important destination for foreign capital, he said. The Prime Minister said India’s ranking in the ‘Ease of Doing Business’ has improved by 12 points in a short span of time after his government took over. Mr. Modi said there are many opportunities to work on different fields between India and France. Seeking the assistance of France in improving country’s infrastructure, rail network and innovation, Modi said, our development model requires the expertise of France.
He said India also wants to play a significant role in a fight against global warming. Noting that Innovation was France’s biggest strength, Mr. Modi said both India and France could work in this field. Sharing the France President’s concern over terrorism, Modi said that terrorism was a challenge for mankind and it has to be fought collectively by the world.
He also appreciated the response of France’s public and media in the aftermath of terror strike and said lessons needed to be learnt from it. The French President, who began his three-day visit from today, is accompanied by a large delegation of CEOs.
Inviting French companies, especially those in the defence sector to manufacture in India and take advantage of low costs involved, the Prime Minister said India provides huge business opportunity for them. Earlier, addressing Indo-French CEOs Forum, Mr Modi said that India is a source of hope and confidence for the entire world community. He told the forum in the presence of visiting French President Francois Hollande that our strategic partnership is not just between Paris and New Delhi, it is with each and every one of you.
Mr. Modi told the Business Summit that India’s skilled IT manpower and France’s intentions will together provide security to the world and highlighted the importance of cyber security. He said that COP 21 and solar alliance are two initiatives which are most important for both countries, and expressed belief that India and France share a special relationship thanks to mutual goals. Mr. Modi also thanked France for providing cooperation to develop smart cities of Nagpur, Chandigarh and Puducherry.
Earlier addressing the summit, French President François Hollande, underlined the need to give practical shape to the decisions taken during the Paris Climate Summit. He said that India and France will negotiate on bilateral military decisions and to improve the strategic partnership level. He also thanked Mr. Modi for lending support to the Paris Agreement. He expressed his happiness at the fact that the French troops would be marching along with the Indian Armed Forces at the Republic Day parade.