Promising Saudi and Indian business leaders, Prime Minister Narendra Modi said that Goods and Services Tax (GST) would be soon implemented in India.
Addressing Saudi CEOs and Indian business leaders in Riyadh, he said:
“You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen.”
GST bill, which aims to implement a pan-India tax for a complete overhaul of the extant indirect tax regime, is currently stalled in the Rajya Sabha.
He added that his government has opened up various sectors to foreign investment and India stands out as a ‘beacon of hope’ amidst global economic slowdown.
“World Bank has upgraded India by 12 ranks in Ease of Doing Business. I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms.”
The Prime Minister invited Saudi businesses to come and invest in Indian sectors like railways, defence, petroleum and agriculture.
He said, “India and Saudi Arabia should look at working together for building a dynamic global management sector for the cyber world.”
Modi, who is undertaking a three-nation tour, landed in Saudi Arabia on April 2 on the last leg.