Prime Minister Narendra Modi said on Thursday that "necessary conditions" for the take-off of the Indian economy have been created and assured that it will only get "better and better" in the coming days. Addressing businessmen and investors at London’s historic Guildhall in the heart of the city’s financial district, Modi said that India is among the most open countries in the world for foreign investments, with the latest round of foreign direct investment reforms proving it is "wiser to be in India." Modi vowed "my personal care in making your dreams a reality."
On the first day of his three-day visit to the United Kingdom, the prime minister also sounded hopeful of India successfully rolling out the new goods and services tax in 2016, reported the Press Trust of India. Modi admitted there were a number of regulatory and taxation issues that were adversely impacting foreign investors, but said his government has taken "very decisive" steps to remove a number of long-pending concerns. He said, "We want to make sure that our tax regime is transparent and predictable. We are also keen to see that genuine investors and honest taxpayers get quick and fair decisions on tax matters."
Modi added that his government was working towards making India a global manufacturing hub, with its strategy being policy-driven governance. He also assured British businessmen that India is committed to protect Intellectual Property Rights of all innovators and entrepreneurs, adding that a comprehensive national IPR policy is being finalised.