India asks BRICS to invest; woos with low corporate taxes

Moscow: India on Tuesday asked BRICS partners to invest in its flagship programmes like 'Make in India' and 'Skill India', asserting that the government has laid down a clear roadmap for lowering corporate taxes which has created immense opportunities for foreign investors.

While addressing a meet of BRICS (Brazil, Russia, India, China and South Africa) Ministers of Industries, External Affairs Minister Sushma Swaraj also made a strong pitch for removal of structural impediments for increasing trade engagement amongst members of the group.

"We have laid down a clear roadmap for lowering corporate taxes. There is also a renewed thrust on public investment in infrastructure. All these create immense opportunities for companies from BRICS countries to work in India," Swaraj said.

India also invited the BRICS partners to actively participate in its flagship initiatives including 'Make in India' ,'Smart Cities' and 'Skill India'.

"India's medium term growth prospects have significantly improved following several policy initiatives. The FDI limit in railways, defence and insurance sectors have been liberalised. Coal and mining sectors are witnessing a revival. We are working on an ambitious deadline for implementing goods and services tax," she said.

Listing initiatives by the Narendra Modi government to boost growth, Swaraj said financial inclusion was one of the focus areas as part of which more than 170 million bank accounts have been opened and over 100 million debit cards with insurance cover has been issued.

"The manufacturing sector in India is witnessing a new dynamism Under the Make in India. Initiatives such as Skill India and Digital India are transforming the climate for doing business in India. The 100 smart cities programme is altering the paradigm of urbanisation in India and opening up unparallelled investment and business opportunities," said Swaraj.

The External Affairs Minister said there has been renewed interest in India by the global investors community and referred to a leading consultancy describing India as the most attractive investment destination in the world.

"The FDI inflows into India in 2014-15 have already reached a historic high of USD 44 billion. Forex reserves are at all time high of over $350 billion," she said.