Ahead of his crucial meeting with US President Donald Trump, Prime Minister Narendra Modi pitced Goods and Services Tax (GST) as a major tax reform that will present abundant commercial and investment opportunities for American businesses. In an opinion piece published in Wall Street Journal (WSJ) on Sunday, the prime minister said he is confident about the “growing convergence” between India and United States adding that the two countries stand as mutually reinforcing engines of growth and innovation in an uncertain global economic landscape.
Here are 8 key points the Prime minister said in the article:
1) Pitching GST as a major tax reform, the PM wrote, “The roll-out of the Goods and Services Tax on July 1 will, in a single stroke, convert India into a unified, continent-sized market of 1.3 billion people.”
2) He also wrote about the development road map of India-“The planned 100 smart cities, the massive modernization of ports, airports, and road and rail networks, and the construction of affordable housing for all by 2022 – the 75th anniversary of India’s independence – are not just promises of great urban renewal within India.”
3) Underlining that the logic of India’s strategic relationship is incontrovertible, the PM wrote,”It is further underpinned by faith in the strength of our multicultural societies that have defended our values at all costs, including the supreme sacrifices we’ve made in distant corners of the globe.”
4)Describing two countries as mutually reinforcing engines of growth and innovation in uncertain economic times, he wrote, “Confidence in each other’s political values and a strong belief in each other’s prosperity has enabled our engagement to grow. A vision of joint success and progress guides our partnership.”
5) Listing defence as a major area of collaboration, the PM said, “Both India and the U.S. have an overriding interest in securing our societies, and the world, from the forces of terrorism, radical ideologies and nontraditional security threats. India has four decades’ experience in fighting terrorism, and we share the U.S. administration’s determination to defeat this scourge.”
6) PM Modi also wrote Indian companies are building presence in over 35 states in the country. “American companies have likewise fueled their global growth by investing more than $20 billion in India,” t
7) The Prime Minister also said the two countries have joined hands for global good-“Be it our collaborative efforts to find affordable vaccines for rotavirus or dengue, our joint studies of gravitational waves, observations of distant planets, establishing norms for cyberspace, providing humanitarian assistance and disaster relief in the Indo-Pacific region, or training peacekeepers in Africa.Whenever India and the US work together, the world reaps the benefits.”
8) He also talked about the rising energy needs of India saying “Indian companies will import import energy in excess of $40 billion from the US”. He also said that Indian aviation fleet will employ around 200 US-made aircraft.
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