Govt determined to push financial sector, tax reforms: Prime Minister

Influencing Japanese investors towards Indian economic growth prospect, Prime Minister Narendra Modi has stated that the government determined to push tax and financial sector reforms in order to improve business environment in the country.

During his ongoing visit to Japan, Prime Minister interacted with the Japan’s corporate leaders and influenced them to invest in India. Narendra Modi invited Japanese businesses to join India's developmental efforts with a promise of non-discriminatory and speedy clearances and also announced setting up of a Special Management Team under PMO to facilitate business from Japan.

After two years of sluggish growth, Indian economy has shown sign of recovery and grew by 5.7% during Q1FY15 as compared to 4.7% growth recorded in Q1FY14. Investments seem to have rebounded with investment activity rising at solid pace and reassured consumers have begun to spend again, indicating the worst slowdown in the last decade may finally be over. The government is also taking various measures to boost economic growth. It has relaxed norms for foreign direct investment in key sectors like defence and railways.

Further, Indian government has also announced that it will soon implement Goods and Services Tax (GST) which will replace existing state and federal levies and will integrate State economies and boost overall growth.