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08/10/2021 12:03pm

Govt to simplify taxation & ease up FDI policy: Piyush Goyal

image Govt to simplify taxation & ease up FDI policy: Piyush Goyal

New Delhi, Oct 8 (KNN) Piyush Goyal, Minister for Commerce & Industry and Minister for Consumer Affairs, Food and Public Distribution while addressing the United States – India Business Council’s (USIBC) 46th Annual General Meeting and India Ideas Summit, said that in view of National Infrastructure Pipeline in the making, India was working to boost investment, streamline its tax regime, liberalize its FDI policy and strive to encourage invention, innovation, research and development.

He expressed his views on the close partnership between India and the United States and its importance to a free, open, inclusive and prosperous Indo-Pacific region.

It was themed ‘From Recovery to Resurgence: reflecting the growing importance of global economic recovery amidst emerging healthcare issues and technological trends’.

Speaking of a National Infrastructure Pipeline in the making, he said that India was working to boost investment, streamline its tax regime, liberalize its FDI policy and strive to encourage invention, innovation, research and development.

Union Minister Goyal said that the world now looks at India as a reliable and trusted partner and a driving force in the world economy. Appreciating USIBC for bringing in ‘Unity, Strength, Inclusion, Boldness & Commitment’ in India-US relationship, he lauded its efforts to act as a bridge to build strong India-US business ties for the last 46 years.

He said that India-U.S. relationship had developed to a global strategic partnership, based on our convergence on bilateral, regional and global issues and added that PM Modi and President Biden have been proactive in deepening our relations. Referring to PM Modi’s visit to US last month for Quad Leaders’ Summit, as their first in-person meeting of the two leaders was extremely fruitful.

Expressing concern over the increasing trust deficit in Post Covid world, Commerce Minister called for a resilient India-US relationship. Observing that India is recognized as a major defence partner of US, he also called for multiple dialogues across areas of energy, health, trade and innovation to improve our business to business relationships and provide the people of both countries with better services and opportunities.

He stated that India is currently negotiating FTAs with like-minded nations like Australia, UAE, EU and UK and added that India has been focusing on strengthening 24 sectors where it has competitive and comparative edge.

Emphasizing that the World now looked upon India for its openness, opportunities & growth, Union Minister Goyal said that India is now the 3rd largest Startup ecosystem in the world.

Observing that India had leapfrogged from ‘Make in India’ to ‘Make in India for the world’, he said that India is strengthening its domestic Industry and will offer quality with cost-competitiveness.

Addressing a range of issues, from the pandemic to climate change, India-US partnership has a leadership role to play. “India and US need to leverage our complementary strengths in technology, finance, production and supply and enhance cooperation in Electronic manufacturing, Fintech, Ed-tech, pharma and health, biotechnology, etc.”, he added.

Describing USA as a natural ally of India, Commerce Minister said that with a shared vision, the two nations can become true partners in progress and prosperity of their people.

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