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Consulate seminar on ‘Make in India’ & GST

Consulate seminar on ‘Make in India’ & GST
August 16
06:29 2017

A group of participants at CG seminar on ‘Make in India

CHICAGO: Consulate General of India, Chicago in partnership with US India Chamber of Commerce Midwest organized a discussion on ‘Make in India’ initiative, PM Modi’s recent US visit and its outcomes and GST Reforms” on August 3 at Downers Grove, a southwest suburb of Chicago

About 150 persons from business community of Chicago area participated in the event.

Delivering the Keynote, address CG Ms Neeta Bhusan highlighted major elements of “Make in India” program and the achievements under this initiative so far. She mentioned that “Make in India” is one of the flagship programs of the Indian government aimed at transforming the Indian economy towards and make it a ‘global manufacturing hub’. There are at least 30 key economic sectors which international companies can consider for setting up manufacturing bases in India, she said, adding that the manufacturing sector in India offers US dollars one trillion of economic opportunity.

In the context of the US Midwest, CG mentioned that there is considerable synergy between States in India and those in the US Midwest and this could be effectively utilized to boost the manufacturing sectors in both countries. She highlighted the benefits of GST and how it has subsumed 17 taxes and over 23 varieties of cesses. GST is aimed at integrating the tax structure throughout India.

The government has taken a series of reforms to improve the ease of doing business. She talked about other flagship programs of Government of India such as “Skill India” and “Digital India”.

She also mentioned about the important achievements of the recent visit of Prime Minister Narendra Modi to USA. She pointed out that both President Trump and Prime Minister Modi expressed confidence that, together India and USA will provide strong leadership to address global challenges and build prosperity for their citizens in the decades to come.

The leaders stressed that terrorism is a global scourge that must be fought and terrorist safe havens rooted out in every part of the world. India appreciated the United States designation of the Hizb-ul-Mujahideen leader as a Specially Designated Global Terrorist as evidence of the commitment of the United States to end terror in all its forms. The two leaders also pledged to deepen defense and security cooperation.

Ajit Pant, President, US India Chamber of Commerce Midwest discussed the “Make in India” initiative and the vast business opportunities that this program presents for the overseas investors. Lisa Victoria Waller, Vice President, BDG International discussed the GST reforms in detail and informed the participants about the impact of GST reforms on the foreign companies functioning in India and as to how they can also benefit from the reforms in the long run.

Arvind Patel

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