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Highly Adversarial Tax Regime Scared Investors Away: Arun Jaitley

Big corporates - including the Ambanis, the Adanis and the Birlas as well as Suzuki and Rio Tinto from abroad - on Sunday committed to investing about Rs 2 lakh crore and creating more than 50,000 jobs, as Prime Minister Narendra Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime.
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Finance Minister Arun Jaitley at Vibrant Gujarat summit
Finance Minister Arun Jaitley at Vibrant Gujarat summit

Speaking at the Vibrant Gujarat summit, Finance Minister Arun Jaitley on Monday reiterated the government's commitment in easing the way of doing business in India. Highly adversarial tax regime scared investors away and the government has no intention of using retrospective tax, Mr Jaitley said.

Big corporates - including the Ambanis, the Adanis and the Birlas as well as Suzuki and Rio Tinto from abroad - on Sunday committed to investing about Rs 2 lakh crore and creating more than 50,000 jobs, as Prime Minister Narendra Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime. Here are the key takeaways from Mr Jaitley speech.

Highlights



Vibrant Gujarat has become one of foremost economic conclave in India

From 2008 to 2013 we spent 5 years in coming up with a new company law, completely out of tune with the current requirement of business.

The corporate laws need to be amended

We cannot have economic indecision for 10 years

Government criticised for quick decision making

Insurance FDI will raise the confidence of foreign investors

Highly adversarial tax regime scared investors away

This government has no intention to use retrospective tax

Government determined to change tax regime

Ease of doing business is a priority area for government

Land law amendments will not only help development but also the farmers

Industrial corridors will help benefit rural India

Industrial corridors are essentially going to run through rural areas, help villages increasing value of land, and generate employment for those villages

The original land law would have made India a land of incomplete projects
 



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