India needs to offer stability in its regulatory regime and rule of law in order to compete with countries like Vietnam that are vying for space vacated by China.
Describing retrospective taxation as a 'ghost', Nirmala Sitharaman said she sought the support of the House to make India look very clear, transparent and fair taxation land.
Retrospective taxes are just one facet of arbitrary state action. MNCs that have committed billions of dollars have many other legal minefields awaiting them.
Decision will end India’s dispute with Vodafone Plc and Cairn Energy Plc, and in 15 other similar cases. FM Sitharaman notes that the retrospective tax became a ‘sore point’ with investors.
Cairn Energy has been moving aggressively to push the Modi govt to comply with the $1.7 billion arbitration award that it won in December 2020 in the retrospective taxation case.
P.C. Mody says govt has already appealed international tribunal order in Vodafone retrospective tax case, and will soon decide whether to appeal Cairn verdict too.
Jayant Krishna, Group CEO of UK-India Business Council, says countries are now looking to removing non-tariff barriers to trade as Brexit process continues.
With a growing indigenous base of drone manufacturers and exporters, and incentives from government, industry sentiment is bullish. However, some concerns remain.
That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.