India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth.

The government has cut corporate tax rates and introduced a nationwide goods-and-services charge to integrate the nation’s economy, Modi said in a speech at Aditya Bira Group’s golden jubilee celebrations in Thailand on Sunday.

“We want to work toward making it even more people-friendly," he said.

Attracting new investment is key to creating jobs and boosting growth in the economy, which slowed to a six-year low growth rate of 5% in the quarter ended June. India is considering tax relief for individuals as it looks at measures to accelerate consumer demand.

The next pulse check for the economy is due on Nov. 29, when the government will publish gross domestic product data for the July-September period. Modi aims to make India a $5 trillion economy by 2025.

“For investment and easy business, come to India," Modi said. The nation welcomes investors who are keen on innovation and plan to start new businesses, he said.

 

Source: LiveMint