Prime Minister Narendra Modi who is on a 7-day visit to the US delivered the keynote address at the Bloomberg Global Business Forum 2019 on Wednesday. PM Modi, speaking of clean business in India, stated that the people of India have joined with the government to bring in development in the country.
‘Today the citizens of India are standing with that Government that has taken the biggest and toughest decisions to improve the Business environment without taking a step back. Today in the country, there is such a Government that respects the Business world, respects the creation of wealth,' the Prime Minister said, hailing the 'mandate for development' his government had secured in the 2019 elections.
PM Modi also spoke of the decision of the Government to slash corporate tax rates. The Central Government had earlier decided to slash the income tax rate for domestic companies by almost 10% to 25.17%. It offered a lower rate to 17.01% for new manufacturing firms to boost the economic growth rate from a six-year low by incentivising investments to help create jobs. Speaking of this crucial decision taken by the Government, the PM stated that it was ‘historic’ and the ‘beginning’ of a new era.
‘Whoever I spoke to after taking the decision, told me that this is a historic decision. After this, to increase the business the Government has taken one step after the other.’
Making a strong case on multiple fronts, the Prime Minister touted the size of the Indian market, saying, "Our people are defeating poverty rapidly and moving up the economic ladder. If you want to invest in a market where there is scale, come to India."
#ModiPowerPush | Today there are four important factors of India's growth story which are difficult to meet in the world together. These 4 factors are Democracy, Demography, Demand and Decisiveness: PM Modi at the Bloomberg Global Business Forum 2019— Republic (@republic) September 25, 2019
Post his address to the forum, the PM also indulged in a conversation with Michael R. Bloomberg, former mayor of New York City and CEO of Bloomberg. The conversation centred around opportunities to strengthen global economic stability, tackle climate change, promote economic growth and advanced technologies that can help the society.