Global investors getting red carpet welcome in India,Rajnath Singh

Defence minister Rajnath Singh has said that the trust between the government and the industry has increased following the scrapping of the retrospective taxation. In a virtual address at the Indo-US Economic Summit organised by a leading industry chamber, Singh on Wednesday, listed a range of measures initiated by the NDA government to boost economic growth and said the global investors are now receiving "red carpet" welcome in India instead of "red-tapism". We have formulated progressive and investor-friendly tax policies, he said. A number of top executives of leading American defence companies participated in the summit organised by the Indo-American Chamber of Commerce.

Singh highlighted the challenges posed by the Covid-19 pandemic that has disrupted businesses globally and said that Covid-19 pandemic has brought newer challenges in terms of disruption of supply chains, downturn in industrial activities, negative growth in travel and tourism industry and there is no doubt Indo-US cooperation will go a long way to restore normalcy and further boost economic dynamism,” Singh said. The defence minister said various measures taken by the government had helped put economic activities back on track, and the first quarter of the year recorded a 20% growth compared to a 24% contraction last year. He said the recovery was a sign of India’s “sound economic fundamentals.” The minister said the country was preparing for “dynamic growth” not just in the financial year 2022 but through the entire decade.