It is a golden opportunity for the global business community to partner with India in its journey: PM Narendra Modi

Update on the Indian Market:

On Thursday, Nifty bounced back after Wednesday’s fall and ended the September F&O series above 11,550 level. Nifty was up 131 points at 11,571.20. All sectoral indices, except IT, traded in the green on NSE, led by Nifty Metal (4.32%), Nifty Media (2.29%) and Nifty Auto (2.43%). Yes Bank, Indiabulls Housing Finance and Infosys were among the biggest losers. Vedanta, M&M and Coal India were the gainers.

It is a golden opportunity for the global business community to partner with India in its journey: PM Narendra Modi

The key takeaways from the interview by PM of India Mr. Narendra Modi at Bloomberg Global Business Forum in New York:

• Prime Minister Narendra Modi urged global businesses to “come to India” as the current government has set a roadmap to build a $5 trillion economy by 2025.
• PM Modi has met the energy company CEOs in Houston and has planned to meet more than 40 companies at the forum hosted by Michael R. Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.
• The recent move of the corporate tax cut in India is called as a revolutionary movement by PM Modi.
• The cut in corporate tax will not only help India compete for investments with other destinations in Asia but also help boost private investments and lift economic growth in Asia’s third-largest economy.
• Attracting investments is key to revive the economic growth and put the nation on the path to becoming a $5-trillion economy by 2025, According to him.
• Inviting foreign investments in sectors such as infrastructure, start-ups, defense and real estate, the prime minister said his administration has decided to invest $1.3 trillion in modern infrastructure.
• He added that the Government would be taking necessary modifications on a regular basis on tax-related laws and bring tax on equity investments on a par with global tax regime. This could be referred to as the abolition of term capital tax and dividend distribution tax.