Hardselling India as an investment destination, Prime Minister Narendra Modi on Monday assured US corporate chieftains of addressing their key concern regarding intellectual property rights.
Speaking at a conclave of top business leaders from the US and India, Modi allayed fears of retrospective taxation and promised a “predictable and competitive” tax regime.
“We have removed the excesses of the past. We will now soon address the remaining uncertainties,” Modi said.
Intellectual Property Rights (IPR) has been a sticking point in the India-US trade relationship. US-based companies are also involved in patent-related disputes in India. The concerns over IPR extend to areas such as publishing, cinema and software. It is these concerns that Modi sought to address at the business conclave where Obama was also present.
“We will guide you and walk with you in your projects. You will find a climate that encourages investment and rewards enterprise; It will nurture innovation and protect your intellectual property,” the prime minister said.
In a bid to instil a greater sense of confidence among business tycoons, Modi told them he was personally keeping track of investments from the US which have seen 50 per cent jump in the first six months of his assuming power. “And, I know that some of the pledges made in September in Washington have begun to flow in,” Modi said referring to his visit to the US last year.
He said the immediate target before him was to bring India from the rear ranks into the top fifty in the world on the ease of doing business. “In the world of economics, numbers are often an unforgiving mirror to performance. They are telling us that we are on the right path. Our economic growth has increased by a percentage point,” he said. Modi said growth in eight core sectors of the economy had increased sharply and inflation was at a five year low.
The prime minister said the scale of India’s dream was vast and therefore the opportunities it offered were huge.
