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Modi Calls on US Business Leaders to Invest in India at CEO's Summit

© REUTERS / Yuya ShinoIndia's Prime Minister Narendra Modi gestures as he gives a speech in front of students at the University of the Sacred Heart in Tokyo
India's Prime Minister Narendra Modi gestures as he gives a speech in front of students at the University of the Sacred Heart in Tokyo - Sputnik International
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In reference to India's tax structure, which is perceived as a hindrance to foreign investment, Modi promised a tax regime that is "predictable and competitive."

U.S. President Barack Obama stands next to Indian Prime Minister Narendra Modi (R) waving as they leave after giving their opening statement at Hyderabad House in New Delhi January 25, 2015 - Sputnik International
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NEW DELHI, January 26 (Sputnik) — Indian Prime Minister Narendra Modi urged US business leaders to invest in India Monday, promising an open and friendly environment.

"You will find environment that is not only open, but also welcoming. We will guide you and walk with you in your projects. You will find a climate that encourages investment and rewards enterprise," Modi said while addressing chief executives at the Indo-US Business summit in New Delhi.

In reference to India's tax structure, which is perceived as a hindrance to foreign investment, Modi promised a tax regime that is "predictable and competitive."

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"We have removed some of the excesses of the past. We will now soon address the remaining uncertainties," Modi affirmed.

The Prime Minister stressed that business sentiment in India was the strongest among Asian markets, noting that there was growing consumer confidence in the country.

"India will be an important anchor of stability for the global economy, and an engine for its growth. Above all, a prosperous India will be a force of peace and stability in the world," Modi said.

The prime minister further underlined the India-US symbiotic business relationship. While US companies transferred advanced skills and technologies to India, Indian IT companies created skilled jobs in the United States, according to Modi.

Meanwhile, US President Obama, who attended the summit during his 3-day India visit, also encouraged more trade and investment between the two countries. Obama pledged $4 billion to India in loans and investment.

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