Promising to provide a rational tax structure along with a suitable and easier business environment, Union Finance Minister Arun Jaitley urged the Turkish industry leaders to invest in India including in smart cities, textiles, food processing and renewable business sectors. Mr. Jaitley was interacting with the leaders of Turkish industry on the sidelines of the G20 Meeting of Finance Ministers and Central Bank Governors in Ankara on Friday.
“We have made significant progress on ease of doing business, although I would not say as yet that we have perfected it,” Arun Jaitley told the gathering.
The Union Finance minister also said that the government back home is committed to rationalising the taxation regime, both in terms of direct and indirect taxes. He also counted number of initiatives announced by the Indian government aimed at providing investment opportunities.
“We are in the process of rationalising our tax structures, both direct and indirect taxes… We have very large natural resources… we have expedited the clearances and more and more laws are being liberalised,” Mr. Jaitley said while listing out the steps being taken by the government.
The Finance Minister also said that India has benefited significantly from the decline in global oil prices.
Speaking at the meeting, he said that a part of these benefits have been passed on to consumers, which has helped lowering the inflation. He also added that such benefits have also resulted into a greater funding for the infrastructure space, where foreign investors can play a significant role.
Talking about one of the flagship initiative of the Modi government – Smart Cities project – Arun Jaitley said that it offers significant opportunities for companies from Turkey, which has got a large number of entities engaged in this business.
The Turkish delegation, which included number of companies from the construction, textiles, food processing and renewable energy sectors, expressed keen interest in doing business in India.
The meeting was organised by the business chamber CII. The Union Finance minister also suggested that the Turkish construction companies can form a consortium and explore business opportunities in India with the help of the Indian industry body and the Turkish Indian Chamber of Commerce, whose key functionaries were also present there.
CII President Sumit Mazumder also listed various steps taken by the new government to improve ease of doing business and to attract investments into the country.
(With inputs from the PTI)