Modi Vows to Ensure Friendlier India for Foreign Factories

Prime Minister Narendra Modi pledged to untangle India’s byzantine regulations and stay away from retrospective taxation as he looks to boost manufacturing and create jobs in the world’s second-most populous country.

Speaking to an audience in Mumbai on Saturday that included Swedish Prime Minister Stefan Loefven and Finnish Prime Minister Juha Sipili, Modi exhorted global companies to set up shop in India. His government is working swiftly toward setting up a transparent and predictable tax regime, Modi said, and will soon put in place an effective patent and intellectual property regime.

“India is blessed with three Ds; these are democracy, demography and demand,” Modi said, after performers in traditional garb danced in front of a giant screen flashing images of mega sky scrapers and bullet trains. “To these we have added the fourth D: that is deregulation.” Read More…