Abolition of retrospective tax will strengthen investors’ confidence: PM Modi at CII Meet

On Wednesday, Prime Minister Narendra Modi addressed the Confederation of Indian Industry (CII) annual session 2021 through video conferencing. The 2 days CII Annual Meet 2021 will be conducted on 11-12 August.

On Wednesday, Prime Minister Narendra Modi addressed the Confederation of Indian Industry (CII) annual session 2021 through video conferencing. The 2 days CII Annual Meet 2021 will be conducted on 11-12 August. The main theme for the CII Annual Meeting is ‘[email protected]75: Government and Business working together for Aatmanirbhar Bharat’.

The Prime Minister addressed the group of corporates and economists after the Reserve Bank of India (RBI) ascertained the GDP growth forecast for the upcoming year 2022 which remained unaltered at 9.5%.

Prime Minister Narendra Modi tweeted, I” will address the CII Annual Session 2021 on the theme ‘[email protected]: Government and Business Working Together for Aatmanirbhar Bharat,’ on 11 August 2021.”

“The Modi government intends to privatise national carrier Air India and state-owned refiner Bharat Petroleum Corp Ltd this year” averred CII Annual Session, Tuhin Kant Pandey, secretary, department of investment and public asset management (DIPAM),

“Our disinvestment is back on track. We intend to privatize Air India privatization this year and are also aiming for BPCL privatization this year itself,” averred the DIPAM secretary.

A glimpse of the PM’s speech at today’s CII meet:
  • “There’s a government in place that can take the boldest decisions keeping the nation in mind and not political benefits. GST wasn’t implemented by the previous governments because of its political risk. We did not just implement it, we’re also witnessing record collections,” PM Modi asserted.
  • “On axing of the retrospective tax, PM Modi said that his government undid mistake of the past. The abolition of the retrospective tax will strengthen investors’ confidence”, averred PM Modi.
  • Start-Ups are showing self-confidence. Several unicorns are becoming the image of the nation. 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India! Out of these 60, 21 of them have been developed in the last few months!- said PM Modi
  • The several steps taken by the government has led to record FDI in India. We’re also creating new records in FPI and the forex reserve is at an all-time high, the PM added.
  • “The situation is changing rapidly. Today, the sentiments of citizens lie with products that are made in India. It doesn’t need to be an Indian company, but every Indian now wants to use products that are made in India. The nation has made up its mind,  the Prime Minister asserted.
  • “Govt stands by industry”, asserted PM Narendra Modi at the CII meeting.
  • All friends and organisations in the industry are a major part of India’s growth story. With the efforts of all of you, India’s economy is picking up pace once again. There is rarely a day when a CEO doesn’t issue a statement or there’s not a report on new opportunities: said PM.
  • PM Modi said that new India is now ready to move ahead with the new world. “India, which was once apprehensive of foreign investment, is today welcoming all types of investments. India is taking major leaps in ease of doing business ranking today,” PM Modi averred.
  • We have seen a report of record hiring in the IT sector, the PM asserted today at the CII meet.

Source Mint
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