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Corporate America urges FM Arun Jaitley to reduce tax uncertainty for MNCs

Published

8 years ago

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US urge FM Arun Jaitley to reduce tax uncertainty

[vc_row][vc_column][vc_column_text]Lauding PM Modi’s efforts to “transform” the country’s economy, USIBC said India needs to create a more stable fiscal regime to attract more global investors.

Ahead of Finance Minister Arun Jaitley’s last Union Budget before 2019 lok Sabha elections, corporate America – citing possibilities of better foreign direct investment to India – urged Jaitley to further reduce the tax uncertainty for multinational companies and institutional investors.

In a memorandum submitted to the Finance Minister, Nisha Desai Biswal, the president of the US-India Business Council (USIBC) said, “A significant positive step toward improving the investment climate would be to further reduce tax uncertainty for multinational companies and institutional investors in India.”

Stating that scarce capital is allocated to markets offering optimal returns, the USIBC president said global businesses allocate investments where post-tax returns for a given risk profile are highest.

Biswal – Obama administration’s point person for South and Central Asia – further said, “When tax costs are uncertain, particularly in a foreign country, investors normally provide for them on a most conservative basis.”

“Therefore, tax uncertainty results in an increase of risk when investing in any given project drives investors to either withhold investments or require a higher rate of return to account for this risk, thus raising the cost of capital in the uncertain market,” she added.

Also lauding Prime Minister Narendra Modi’s efforts to “transform” the country’s economy and promote India as a global investment destination, USIBC said India needs to create a more stable and predictable fiscal regime and taxation process to attract more global investors.

“USIBC members believe that unless resolved, the lack of clarity in the government’s approach to taxation risk will undermine progress in other areas of the economy and will continue to damage India’s reputation among investors,” mentioned the 39-pages memorandum.

Biswal further added that by rescinding the historical retrospective tax legislation, India would have an opportunity to proceed to a satisfactory resolution of legacy cases, which will help both India and the companies involved.

“To facilitate cross-border trade and investment without the barrier of double taxation, the Government of India and the US Government should reaffirm the shared commitment to improving tax dispute resolution,” mentioned the memorandum.[/vc_column_text][/vc_column][/vc_row]

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PM Modi changes social media profile pictures to mark Operation Sindoor anniversary

PM Modi changed his social media profile pictures to commemorate one year of Operation Sindoor, with several NDA leaders following the move.

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13 mins ago

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May 7, 2026

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PM Modi speech

Prime Minister Narendra Modi on Thursday updated the display pictures of his social media accounts to mark the first anniversary of Operation Sindoor. The new image was seen across his profiles on X, Facebook, Instagram and WhatsApp channels.

The updated profile picture carries the text “Operation Sindoor” on a black background along with elements of the Indian tricolour. One of the letters in the word “Sindoor” has been stylised using vermilion, commonly associated with married Hindu women.

Operation Sindoor was launched a year ago by Indian defence forces and the Border Security Force along the western border. The anniversary was also marked by several Union ministers and NDA leaders, who changed their social media profile pictures in a similar manner.

External Affairs Minister S. Jaishankar and other senior leaders were among those who adopted the commemorative display image on social media platforms, according to reports.

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Congress, BJP attack Bhagwant Mann over remarks on Punjab blasts

Congress and BJP have jointly criticised Punjab CM Bhagwant Mann after he linked recent blasts near defence sites to political motives, triggering a controversy.

Published

15 hours ago

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May 6, 2026

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Bhagwant Mann

A political row has erupted in Punjab after Chief Minister Bhagwant Mann linked recent blast incidents to political motives, drawing sharp criticism from both the Congress and the Bharatiya Janata Party (BJP).

The controversy follows two low-intensity explosions reported within a short span of time — one near the Border Security Force (BSF) headquarters in Jalandhar and another close to an army cantonment area in Amritsar. The incidents raised concerns over security, particularly given the sensitive nature of the locations.

In response, Mann suggested that the blasts could be part of a larger political strategy. His remarks triggered a strong backlash, with opposition parties accusing him of politicising a serious security issue.

Leaders from the Congress criticised the Chief Minister’s statement, calling it inappropriate and alleging that such comments undermine the gravity of the situation. They stressed that matters related to national security should be handled with caution and responsibility.

The BJP also joined the criticism, questioning the basis of Mann’s claims and urging the state government to focus on investigation and law enforcement instead of making political allegations.

The developments have led to an unusual moment where both Congress and BJP appear aligned in their criticism of the Aam Aadmi Party-led government in the state.

Meanwhile, the blasts themselves have intensified concerns over safety in border regions, with authorities continuing their investigation into the incidents. No casualties were reported, but the proximity to defence establishments has made the issue particularly sensitive.

The episode has further escalated political tensions in the state, with security and accountability emerging as key points of debate.

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Himanta Biswa Sarma resigns as Assam chief minister, oath ceremony likely after May 11

Himanta Biswa Sarma resigns as Assam Chief Minister after BJP-led NDA’s victory. He will continue as caretaker CM until the new government is sworn in after May 11.

Published

15 hours ago

on

May 6, 2026

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Himanta sharma

Assam Chief Minister Himanta Biswa Sarma resigned from his post on Wednesday, paving the way for the formation of a new government after the BJP-led NDA secured a decisive victory in the 2026 Assembly elections.

Sarma submitted his resignation to Governor Lakshman Prasad Acharya at Lok Bhawan in Guwahati. The Governor accepted the resignation and asked him to continue as the caretaker Chief Minister until the new government takes charge.

The resignation comes after the NDA’s strong electoral performance, where the alliance won a clear majority in the 126-member Assembly, ensuring its return to power for another term.

Oath ceremony expected after May 11

Speaking to reporters after submitting his resignation, Sarma said the swearing-in ceremony for the new government is likely to be held after May 11.

He indicated that Prime Minister Narendra Modi has been invited to attend the ceremony but is unavailable until May 11, which has influenced the tentative schedule.

Decision on next chief minister soon

Sources suggest that central observers, including senior BJP leaders, are expected to arrive shortly to oversee the selection of the legislature party leader. The newly elected MLAs will then decide on the next Chief Minister.

Despite the formal resignation, party sources indicate that Sarma is likely to continue in the role for another term, given the BJP’s strong mandate in the state.

The move marks the beginning of the government formation process in Assam following the election results declared earlier this week.

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