FIIs seek ease of doing biz

Foreign institutional investors (FIIs) on Monday sought simplified requirements for making investments in India, during their meeting with Finance Minister Arun Jaitley.

Jaitley, who has wrapped up his two-day visit here, highlighted recent initiatives taken by the government to attract investments and told them, efforts were being taken to further improve the ease of doing business in the country.

Among others, investors urged the minister to take more initiatives to promote long-term investments and execution of policy announcements.

“The investors raised issues relating to private equity and their taxation; the need to further simplifying procedural requirements for Foreign Portfolio Investors and suggested that an income tax cell may be set-up to deal with foreign investors,” the finance ministry said in a release.

During the meeting, Jaitley explained provisions made in the Budget 2015-16 on tax pass-through for domestic private equity firms and those relating to fund managers. He told them that an enabling framework has been put in place in recent months for increasing ease of doing business.

“The investors raised issues regarding labour reforms, Make in India and cross-border bilateral investment opportunities between India and China,” the release said.

Besides, Jaitley met the Chief Executive of Hong Kong SAR C Y Leung and discussed about the need to conclude the Double Taxation Avoidance Agreement (DTAA).

They also talked about enhancing the role played by Hong Kong as a gateway to China for trade and investment.

In his key note address at the India Capital Markets and Institutional Investors Summit organised by APIC, Jaitley outlined India’s growth story as well as the priorities of enhancing investment in irrigation and infrastructure sectors and taxation reforms.

He mentioned the recently announced National Investment and Infrastructure Fund (NIIF), the release said.