Bengaluru: Modi woos foreign investors, hopes for GST roll out in 2016

Bengaluru, Oct 6 (PTI):Prime Minister Narendra Modi today said India is a “bright spot” in global economic slowdown and assured foreign investors of favourable business conditions, including strong intellectual property rights protection.

He also said that the government hopes to roll out the Goods and Service Tax (GST) next year.

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Renewing government’s commitment to creating favourable conditions for business and industry, Modi said: “Never before is India so well prepared to absorb talent, technology and investment from outside.”

“We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016,” Modi said at the Indo-German Summit here, sharing the dais with German Chancellor Angela Merkel. She is on a three-day visit to the country.

The GST bill is facing hurdles in the opposition dominated Rajya Sabha despite an aggressive push by the government for its passage.

At the Summit attended by the who’s is who of the India Inc, particularly the IT sector, Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs.

A comprehensive National IPR Policy is being finalised, he said, adding that it will be “progressive and forward looking”.

“Such a huge potential for creation and production will not be available in any one country,” the Prime Minister said as he spoke of the slew of steps taken by the government to ensure ease of doing business.

Modi said across the board the validity period of Industrial Licences had been increased and regulatory clearances including security and environmental expedited.

“We have taken very decisive steps to remove a number of long pending concerns of investors,” he said.

Modi, Merkel visit Bosch facility in Bengaluru

Bengaluru, Oct 6 (IANS) Prime Minister Narendra Modi and German Chancellor Angela Merkel on Tuesday visited German automotive major Bosch’s facility in this tech hub for a firsthand view of its operations in India.

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“Modi and Merkel viewed a powerpoint presentation on Bosch operations in India and walked through our innovation and vocational centres where research is done on innovative projects and skill development is imparted to our employees,” a Bosch India official said.

Both the leaders also interacted with top executives of German firms operating in India, including Bengaluru, and exchanged views on how to help the government boost its ‘Make in India’ and ‘Digitise India’ initiatives for creating jobs and promote exports.

Earlier, Karnataka Governor Vajubhai R. Vala and Chief Minister Siddaramaiah received Modi who arrived by an Indian Air Force (IAF) at the HAL airport amid tight security.

After Bosch visit, Modi and Merkel will jointly participate in a tech event hosted by the National Association of Software and Services Companies (Nasscom) and the German Fraunhofer Institute on “Digitising Tomorrow”.

Merkel, 61, who is on a three-day official visit to India since Sunday, flew into Bengaluru on Monday night with a large official-cum-business delegation to participate in the twin events with Modi.

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