PM Narendra Modi promises fair tax system to investors

Prime Minister Narendra Modi told leading global investors here on Tuesday that his priority for India is to establish global benchmarks in areas like governance, transparency and taxation.

At the 'India Investor Summit', organised by the world's largest asset manager BlackRock, Modi said that the government's priority is "growth and jobs" and added that there is rising interest in India and "we have to accept that responsibility".

As many as 21 major global investors which manage more than $11 trillion worth investible assets participated in summit earlier in the day. The list of institutional investors included asset managers, insurers, pension funds, and official institutions-Abu Dhabi Investment Authority ($770 billion), Australian Government Future Fund ($95 billion), Temasek ($175 billion), Canadian Pension Plan Investment Board ($205 billion), Hong Kong Monetary Authority ($400 billion) and Saudi Arabian Monetary Agency ($755 billion).

Pitching the India growth story, Modi promised the investors a fair, predictable and consistent tax system and growthfocussed economic policies.

Modi said that infrastructure development is one of the best routes to create jobs for the youth. He told top honchos of leading equity firms and government funds such as Ace Limited, AIA Group, APG, GIC Singapore, PSP Investment Board and California State Teachers Retirement System that India needs to both expand and upgrade its infrastructure.

The PM said the goal of Affordable Housing for all by 2022 would in itself provide a huge boost to the economy. He pointed out that the government is focussing on skill development that would fulfil not just the Indian requirement, but also the global requirement.

Union ministers Arun Jaitley, Nitin Gadkari, Suresh Prabhu, Dharmendra Pradhan and Piyush Goyal were present at the dinner.

During his US visit, Modi held one-on-one meeting with BlackRock chief executive officer (CEO), Boeing chairman, IBM president and CEO, GE CEO, Goldman Sachs chairman and KKR CEO. A senior official disclosed that BlackRock CEO Larry Fink had promised Modi that he would visit India with a team of leading investors and explore the scope for new opportunities in the country.

Jaitley, along with other senior ministers, also pitched the India growth story before the investors and invited them to invest in the country.