13th ASEAN summit: Committed to provide transparent, predictable tax regime, says PM Modi

Kuala Lumpur: Prime Minister Narendra Modi today said reforms are ‘just a way station’ to transforming India and vowed to provide a transparent and predictable tax regime as well as protection to Intellectual Property Rights.
Speaking at the ASEAN Business and Investment Summit here, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investment.

“Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India,” he said.

When the BJP-led NDA government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation. “It was obvious that reforms were needed. We asked ourselves the question – Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must ‘reform to transform’,” he said.

The fruits of development have to be taken to the margins of geography and to the bottom of demography. “We have to touch lives, while reaching for the sky,” the Prime Minister said. Stating that a series of concerted steps including structural and institutional reforms have initiated, the Prime Minister said the government was ‘moving fast’ to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decision
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