Against the backdrop of the controversy over Vodafone tax issue, Prime Minister Manmohan Singh on Thursday sent out clear signals to foreign investors saying there will be "no arbitrariness" in tax matters."We want the world to know that India treats everyone fairly and reasonably and there will be no arbitrariness in tax matters," he told Hindustan Times in an interview.The Prime Minister, who now has the additional responsibility of Finance after the resignation of Pranab Mukherjee, said his officials were working on a set of measures to rein in the fiscal deficit.
Singh said the absence of investment avenues has pushed Indian savings into gold.
"We need to open new doors so that savings can be recycled into productive investments that create jobs and growth, not into gold," he said.
Pointing towards the investment plans by soft-drink maker Coca-Cola and furniture group IKEA as proof that things had not deteriorated greatly, Singh said "the chairman of GE captured the picture correctly when he said 'the mood in the market is worse than the mood on the ground'. I agree with that."
Asked about corruption, Singh said he does not think "there has been any explosion in corruption under his watch."
"Just as the pessimism over the economy is more in the markets and less on the ground, even in the case of corruption, I do not think there has been any explosion in corruption under my watch," the Prime Minister said.
Singh also expressed his concern with the distribution of the fruits of development in society.
"Lastly, there is the issue of distribution. We have lifted millions out of poverty. But I worry that the fruits of an open economy will be increasingly captured by fewer people. I worry that a large segment of our population will be left out of the benefits of economic growth. We need to correct that fast," Singh said.
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