19
May
2014

VIDEO: India’s New Party Election Could Lure U.S. Firms

The sweeping victory of India’s opposition party and its pro-business leader will likely create a more stable, tax-friendly investment climate for U.S. companies, analysts say. On Friday, the Bharatiya Janata Party and its allies won more than the 272 seats needed for a majority in Parliament, pushing the long-dominant Congress party from power and setting the stage for Hindu nationalist Narendra Modi to become the next prime minster of the world’s largest democracy. 63-year old Modi, the son of a tea seller who rose to become chief minister of the western state of Gujarat, campaigned on a platform that focused on economic development — not religion. For example, the BJP said it would end “tax terrorism” partly by getting rid of controversial 2012 legislation that allowed for retroactive corporate taxes.

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