Confidence between government and industry has strengthened following the removal of the retrospective tax regime, Defense Minister Rajnath Singh said on Wednesday.
In a virtual address to the Indo-American Economic Summit hosted by a leading industrial chamber, Singh listed a series of measures initiated by the NDA government to boost economic growth and said global investors are now receiving a ‘red carpet’ in India instead of “Red Tapism”.
“We have formulated progressive and investor-friendly tax policies. We have said “goodbye” to retrospective taxation.
“Confidence between government and industry grew after the removal of retrospective taxation. By doing this, we have rectified the mistake of the previous government (UPA),” Singh said.
He said the government was preparing for “dynamic growth” over the course of this decade and noted that there are many opportunities for US and Indian defense companies to opt for co-production and co-development. ‘military equipment.
“The coronavirus pandemic has brought new challenges in terms of disruption of supply chains, slowing down of industrial activities, negative growth in the travel and tourism industry and there is no doubt that the Indo-American cooperation will go a long way in restoring normalcy and going further, boosting economic dynamism, ”Singh said.
A number of senior executives from major US defense companies attended the summit hosted by the Indo-American Chamber of Commerce.
Discover the latest videos from DH: