New Delhi: The trust between the government and the industry has increased after a retrospective tax regime scrap, Defense Minister Rajnath Singh said on Wednesday.
In the virtual address in the Indo-US economic summit organized by leading industrial space, Singh registered various steps initiated by the Government of NDA to encourage economic growth and said global investors now receive “red carpets” welcome in India instead of “red-tapesm “.
“We have formulated progressive and investor friendly tax policies.
We have said ‘goodbye’ to do retrospective taxation.” The trust between the government and the industry has increased after retrospective tax cuts.
By doing this, we have improved previous government errors (UPA), “said Singh.
He said the government was preparing the ‘dynamic growth’ in this whole decade and noted that there was plenty of space for American and Indian defense companies to go for joint production and development Together with military equipment.
“Pandemic Coronavirus has brought new challenges in terms of disruption to supply chains, decreases in industrial activities, negative growth in the travel industry and tourism and no doubts Indo-US cooperation will run far to restore normal and increase economic dynamics, “Singh said.
A number of leading American defense company executives participated in the Summit held by the Indo-American Chamber of Commerce.