Open business environment, Modi pledges; Obama raises IPR issue
New Delhi (Jan. 26, 2015): Prime Minister Narendra Modi Monday promised an open business environment, predictable tax regime and to remove "remaining uncertainties" as President Barack Obama raised issues of trade barriers and intellectual property while seeking ease of doing business in India.
Modi asserted that his government has removed some of the "excesses of the past" and said "we will now soon address the remaining uncertainties", an apparent reference to the retrospective taxation law of the previous government that put off global investors.
Pledging USD 4 billion in lending by US banks, Obama said the US is ready to help India grow by working with it in development of infrastructure like railways, ports, roads and clean energy power plants.
Both the leaders were addressing a meeting of the US-India Business Council on the second day of the US President's visit that was attended by top corporate leaders of both the countries.
Earlier, addressing a meeting of India-US CEO Forum that he would personally take charge of implementation of big projects and monitor them.
"You will find environment that is not only open, but also welcoming. We will guide you and walk with you in projects. You will find a climate that encourages investment and rewards enterprise. It will nurture innovation and protect your intellectual property.
"It will make it easy to do business.... You will find a tax regime that is predictable and competitive. We have removed some of the excesses of the past. We will now address the remaining uncertainties," Modi said at the USIBC meeting.