PM Modi calls upon Saudi businesses to invest in India

April 3, 2016

Riyadh, Apr 3: Promising easier business environment for global investors, Prime Minister Narendra Modi today said retrospective taxation has been relegated to history, but he is "not able to do anything" on two pending cases from the previous government as "they are sub-judice".

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Inviting Saudi businesses to come and invest in India in sectors like railways, defence and energy, Modi also said a common indirect taxation regime in form of GST (Goods and Services Tax) was "about to happen". He, however, refrained from giving any specific timeframe.

Addressing Saudi CEOs and Indian business leaders here, Modi said his government has opened up various sectors to foreign investment and India stands out as a "beacon of hope" amidst global economic slowdown.

"World Bank has upgraded India by 12 ranks in Ease of Doing Business. I expect in the next review, our ranking will improve further because we have made a lot of administrative reforms.

"You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen," Modi said.

Prime Minister added the government is in favour of long-term stable and predictable policies and any retrospective amendment to tax laws is a thing of past.

"There are two cases of the previous government, but they are sub-judice matter, so I am not able to do anything... Now, retrospective tax in India has become a thing of past. It will not happen going ahead," Modi said.

Although Prime Minister did not specifically name the pending cases, the major retrospective tax disputes include those involving Vodafone and Cairn.
Modi said with huge growth potential and evolving global relations, India should have a predictable taxation system.

"Retrospective tax is also a thing of the past. We have said this again and again in Parliament. Today again I am saying.

"If someone plans to come to India after 10 years, he should be able to predict the tax structure. So I'm in favour of a long-term predictable tax system and we have implemented it. So I don't think that in coming days there will be any problem," he said.

Prime Minister also said Saudi investors can look at petroleum, renewable energy, infrastructure and defence manufacturing as possible areas for investment.

"Saudi investment in fertilisers, warehousing, cold chain facilities and agriculture would be a win-win partnership as it would ensure good quality food products for Saudi Arabia," he said, adding defence sector accounts for second largest contributor to the import bill, after oil.

"We import everything for Defence sector. Why can we not manufacture defence equipment in India? You investors can play a big role in that. Whatever will be manufactured, India is a very big buyer," Modi said.

Prime minister added that today's world is scared of two things. First is terrorism and the other is more dangerous, cyber terror, which is unknown, but can still happen.

"There is a need for innovation in the field of cyber security and India has the talent. There is a need for dynamic professional management and for that there is lot of investment that is required," Modi said.

Inviting investments in petroleum sector, Modi said investors can partner India in energy sector as the country offers "transparent" policies.

He said in one year, India has already achieved 5,500 MW of renewable energy production.

"When I first time said 175 GW renewable energy people were surprised.... And I am confident that we will do it within the time period. I want investment in solar equipment manufacturing and we are ready to produce 175 GW renewable energy, which will be a strange thing for the world," Modi said.

Later in the day, Ministry of External Affairs spokesperson Vikas Swarup tweeted that Prime Minister met Chairman of Saudi Aramco, Khalid A al-Falih and discussed issues related to energy and healthcare sectors.

Al-Falih, who is also the Minister of Health said Aramco looks to India as its number one target for investment, read Swarup's tweet.

Saudi Minister of Foreign Affairs Adel al-Jubeir also met Narendra Modi before the ceremonial welcome.

While interacting with 30 Saudi CEOs and Indian business leaders here, Prime Minister said the Centre along with state governments have worked to take over the distressed power sector loans from banks. "Now we are working with private companies. On that also we have progressed fast. So NPAs will not be an issue in the near-future."

Modi said a lot of foreign banks are functioning in India and going forward, whatever is needed, the government will do.

He described India and Saudi Arabia as old friends, ready to take bold new steps to a golden future.

Modi said India had a unique combination of democracy, demography and demand, and several policy initiatives have been taken over the last two years to spur growth.

He said there was tremendous scope for investment in the manufacturing of medical devices.
India's health sector is globally extremely cost competitive, offers immense scope for health tourism.

He also called for taking the economic relationship between the two countries beyond export and import, to technology transfers and joint investment.

Emphasising the strength of ties, Modi recalled King Salman mentioning that he was taught by an Indian teacher.

Also Read:

PM Modi breaks bread with Indian construction workers in Saudi Arabia

Modi announces 24X7 helpline for NRIs; worker resource centres in Riyadh, Jeddah

PM Narendra Modi visits TCS' all-women IT centre in Riyadh

Modi holds talks with Saudi King to boost strategic ties

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News Network
December 7,2025

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Mangaluru, Dec 7: A rare bamboo shrimp has been rediscovered on mainland India more than 70 years after it was last reported, confirming for the first time the presence of Atyopsis spinipes in the country. The find was made by researchers from the Centre for Climate Change Studies at Sathyabama Institute of Science and Technology, Chennai, during surveys in Karnataka and Odisha.

The team — shrimp expert Dr S Prakash, PhD scholar K Kunjulakshmi, and Mangaluru-based researcher Maclean Antony Santos — combined field surveys, ecological assessments and DNA analysis to identify the elusive species. Their findings, published in Zootaxa, resolve decades of taxonomic confusion stemming from a 1951 report that misidentified the species as Atyopsis moluccensis without strong evidence.

The shrimp has now been confirmed at two locations: the Mulki–Pavanje estuary near Mangaluru and the Kuakhai River in Bhubaneswar. Historical specimens from the Andaman Islands, previously labelled as A. moluccensis, were also found to be misidentified and actually belong to A. spinipes.

The rediscovery began after an aquarium hobbyist in Odisha spotted a shrimp in 2022, prompting systematic surveys across Udupi, Karwar and Mangaluru. Four female specimens were collected in Mulki and one in Odisha, all genetically matching.

Researchers warn the species may exist in very small, vulnerable populations as freshwater habitats face increasing pressure from pollution, sand mining and infrastructure development. All verified specimens have been deposited with the Zoological Survey of India for future reference.

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coastaldigest.com news network
November 29,2025

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Mangaluru, Nov 29: Around 12,500 healthcare students from Medical, Dental, AYUSH, Pharmacy, Nursing, Physiotherapy and Allied Health Sciences colleges of Dakshina Kannada, affiliated to Rajiv Gandhi University of Health Sciences (RGUHS), took part in a massive walkathon to promote awareness on Organ Donation and Nasha Mukth Bharat.

The inaugural ceremony was held at Mangala Stadium. Dr Bhagavan B C, Hon’ble Vice-Chancellor of RGUHS, delivered the welcome address. The walkathon was flagged off by Shri U T Khader, Hon’ble Speaker of the Karnataka Legislative Assembly, and presided over by Shri Dinesh Gundu Rao, Hon’ble Minister for Health, Family Welfare and Dakshina Kannada District In-charge. Dakshina Kannada MP Shri Brijesh Chowta also addressed the students.

Music director Guru Kiran, MLA Dr Bharat Shetty (Mangalore North), Police Commissioner Shri Sudheer Kumar Reddy, Shri Manjunath Bhandary and Shri Harish Kumar were among those present.

Institution heads including Dr Haji U K Monu (Kanachur Colleges), Dr Shantharam Shetty (Tejaswini College), Dr Bhaskar Shetty (City Group of Colleges), Mr Abdul Rahiman (Kanachur Institute of Medical Sciences), and the District Health Officer, Mangalore, also participated.

The vote of thanks was delivered by Prof U T Ifthikar Fareed, Syndicate Member, RGUHS.

The event was organised by Dr U T Ifthikar Ali and Dr Shiva Sharan (Syndicate Members), Prof Vaishali (Senate Member), Prof Mohammad Suhail (Chairman, BOS Physiotherapy), Dr Sharan Shetty (Former Senate Member), along with principals and faculty of various colleges.

Students marched from Mangala Stadium to Karavali Grounds via MCC and Lalbagh signal. The event set a record as one of the largest gatherings of healthcare students for a social cause in the RGUHS Dakshina Kannada Zone.

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News Network
December 2,2025

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Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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