India is now the most favourable investment destination globally and there is need to give a push to reforms with a ‘human face’, Vice President M Venkaiah Naidu said.
He said there were great opportunities to invest and progress and the states were engaging in healthy competition with each other to prosper.
“We need to push the reforms, reforms with a human face,” he said, adding that investment has to be improved.
He urged the industry to invest more, taking advantage of the ‘favourable situation’ prevailing in the country.
He said industry bodies like the ASSOCHAM, FICCI and Chamber of Commerce have a greater responsibility to ensure their members follow ethics and ethical corporate governance, tax compliance and corporate social responsibility.
“You must also have a self code of conduct,” he said
The vice president said 56 lakh people have joined the ranks of the Income Tax payees post the exercise by the government last year. There would be further addition and once the tax net was widened, the tax rate would come down, he said.
On the Goods and Services Tax, he said it was a culmination of the combined efforts of all parliamentarians cutting across party lines.
He said the government was trying to address shortcomings (in GST) and said it could be further improved after taking suggestions from all political parties