Modi promises IPR policy, transparent tax regime

Prime Minister Naredra Modi said here on Saturday that India would have a comprehensive national intellectual property rights (IPR) policy by the year-end, and a national investment and infrastructure fund for leveraging public investments.

Speaking at the Association of Southeast Asian Nations Business and Investment Summit here, he said India was committed to protecting the IPRs of all innovators. It was also moving fast to ensure a transparent and predictable tax regime.

He said world-class infrastructure remained a dream for India and his government was focusing on building futuristic infrastructure, besides encouraging the public-private partnership (PPP) model to increase investments in infrastructure. “We are also coming up with tax-free infrastructure bonds with a view to broadening the corporate bond market and providing long-term finance for infrastructure. We are eager to work with Malaysia, Singapore and other ASEAN countries in this regard.”

He said 50 Indian cities were now ready to put up metro rail systems. The government was committed to building 50 million affordable houses. The requirements of rail, road and waterways were enormous. “Hence, India is a land of immense opportunities for investors.” “Most of the ASEAN economies have done their bit for Asia’s resurgence. Now, it is India’s turn. And we know that our time has come. We are at a take-off stage. I invite all of you to come and see the winds of change in India. Winds do take time to cross the borders. That is why I am here to invite you,” he said.

To revitalise flow of funds from global investors, he said the government had launched the second set of structural and financial reforms. These included more FDI in such key sectors as insurance, defence and railways; rationalised FDI policies in other sectors, including construction, plantation and medical devices; and liberalisation of the licensing regime to improve the ease of doing business.

Despite major challenges since he assumed office nearly 18 months ago, by almost every major economic indicator, the country was doing better than earlier, he said. The GDP growth was up and inflation was down. Likewise, foreign investment was up and the current account deficit was down. The revenues were also up and interest rates down. The rupee was stable.

Data that may be helpful:
Important Points:-

• Foreign direct investment (FDI) is a controlling ownership in a business enterprise in one country by an entity based in another country
• Purchasing power parity (PPP) is a component of some economic theories and is a technique used to determine the relative value of different currencies.
• The ASEAN Summit :- An annual meeting held by the member of the Association of Southeast Asian Nations in relation to economic, and cultural development of Southeast Asian countries
• ASEAN Headquarters :- Indonesia
• The 12th ASEAN-India Summit, chaired by the President of the Republic of the Union of Myanmar, H.E. U Thein Sein, was held in Nay Pyi Taw, Myanmar on 12 November 2014
• 13th ASEAN-India Summit and the 10th East Asia Summit in Kuala Lumpur, Malaysia on 21-22 November 2015 
• Intellectual property (IP) :- Is a term referring to creations of the intellect for which a monopoly is assigned to designated owners by law. Some common types of intellectual property rights (IPR) are copyright, patents, and industrial design rights; and the rights that protect trademarks, trade dress, and in some jurisdictions trade secrets: all these cover music, literature, and other artistic works; discoveries and inventions; and words, phrases, symbols, and designs.

Source :- The Hindu, 22-Nov-2015