Amitabh Kant, the CEO of NITI Aayog said that India has a massive opportunity in sectors like electronics, pharmaceutical sector and sports goods while hailing that the country has put out 'probably the best' corporate tax regime in the world
Washington DC: NITI Aayog CEO Amitabh Kant on Friday said that India has put out "probably the best" corporate tax regime in the world now and asserted that the country should use the strength of its domestic market as structural reforms make it the most attractive destination for investments.
"The perception of American investors toward China changed. They will always be looking for alternative investment destinations. Now, one is Vietnam which has limited skills and very limited domestic market. India should really use the strength of its domestic market," Kant told reporters.
"India has put out probably the best corporate tax regime in the world now. At 15% with an effective rate of 17.1%, makes it the best country as far as corporate tax is concerned. This corporate tax coupled with the size of the domestic market, plus the fact that you pushed digitisation and structural reforms that have been carried out makes India a very-very attractive destination for investment," he added.
The NITI Aayog CEO said that there are massive opportunities in sectors like electronics, pharmaceutical sector and sports goods in India.
"We have been talking to a number of companies, Apple has already made very substantial investments into India. They are looking at a much bigger period. There are massive opportunities in sectors like electronics, pharmaceutical sector and sports goods. India should really look at 5-6 sectors where it can be a global champion, penetrating global markets," he said.
Kant underlined that amalgamation of 54 labour laws into just four will allow companies to conduct large-scale manufacturing in India.
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Last Updated Dec 14, 2019, 10:24 AM IST