PM-INVESTMENT 2LST

The Prime Minister told the Japanese journalists that
India was in the midst of a major socio-economic
transformation.
He noted that Indian economy has grown at an average
annual rate of over nine per cent in the last few years,
managing sustained growth despite the global economic
slowdown.
Emphasising his government's commitment to economic
reforms as the "principal instrument of economic
transformation and inclusive growth," Singh said, "there is an
increasing appreciation that calibrated and sustained change
is better than abrupt about turns".
The policy framework relating to land, environment
and resettlement and rehabilitation remains under constant
review, he said, while pointing out that the government had
formulated the National Rehabilitation and Resettlement Policy
in 2007.
He said his government is also committed to improve
the efficiency of the tax system by eliminating distortions in
the tax structure, introducing moderate levels of taxation,
expanding the taxable base, promoting equity while enhancing
revenues and simplifying taxation provisions.
"The new Direct Taxes Code has been unveiled with
these objectives and is expected to come into effect shortly.
Efforts are also underway to reform the indirect tax regime by
introducing a country wide Goods and Services Tax, based on a
consensus between the different stakeholders," Singh said. PTI