Global Economy

FM: More reforms to make India better investment destination

New Delhi: Finance minister Nirmala Sitharaman on Tuesday said the government is open to further reforms for making India a more attractive investment destination.

The government has taken various steps, including reduction of corporate tax, she said at the India-Sweden Business Summit here.

“I only can invite and assure that the government of India is committed for further reforms in various sectors — whether it is banking, mining or insurance and so on,” she said.

Sitharaman, in a surprise move, had on September 20 slashed the corporate tax rate to 22% from 30% sans any exemptions and holidays and to 15% for new manufacturing entities to spur investments into the country.

She said India plans to spend Rs 100 lakh crore on building and upgrading public infrastructure over the next five years and invited Swedish companies to participate in various greenfield and brownfield projects.

“We are looking at building more smart cities where Swedish businesses can contribute,” FM said, adding that the government has appointed a task force to track the pipeline of big-ticket projects.

Sitharaman said India has a decisive leadership, which has undertaken radical structural reforms in various sectors of the economy.

The country is determined to further improve the ease of doing business, she added. India moved 14 places to be 63rd among 190 nations in the World Bank’s ease of doing business ranking on the back of multiple reforms.

The minister said the country offers a huge market with a large middle-class, which is aspirational and has real purchasing power.

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“This offers immense opportunities for businesses,” said Sitharaman.

India and Sweden have seen concrete outcomes in life sciences and other sectors, which have benefited both the countries, she said.


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