New Delhi: Seeking investment from global players, Finance Minister Nirmala Sitharaman said Tuesday the government is open to further reforms for making India a more attractive investment destination.
The government in the past has taken various steps, including reduction in corporate tax, Sitharaman said at the India-Sweden Business Summit here.
Without sharing details of future reforms, the finance minister said, “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.”
Sitharaman also said that the government is addressing challenges faced by the industry not just Indian-owned but operationalise industries which are present in India.
“Since after budget I have made sure constant interactions with the industry, understanding their challenges, and therefore, not waiting for another budget which is expected in February 2020, we took major structure reform in the form reduction in corporate tax,” stated the minister.
“This one measure indicates how our government believes in reforms. Today I say there are many more steps we have to take,” she added.
In the biggest tax reduction in 28 years, the government in September slashed corporate tax rates up to 10 percentage points as it looked to pull the economy out of a six-year low growth with a Rs 1.45 lakh crore tax break.
“Our step of corporate tax reduction shows how much our government believes in reforms there are many more steps that we have to take,” Sitharaman stated.
She invited Swedish firms to invest in infrastructure development projects. India plans to invest about Rs 100 lakh crore in the infrastructure sector in the next five years. The government has formed a task force will come out with a list 10 major infrastructure projects by December 15, informed Sitharaman.
PTI