Chandigarh, Jan 24: Prime Minister Narendra Modi, along with French President Francois Hollande addressed the India-France Business Summit in Chandigarh. The two leaders were accompanied by a host of CEOs representing corporate giants of their respective nations. While Hollande raised expectations by promising a more collaborated bilateral relation with India in near future, Modi left no stone unturned to articulate the benefits of investing in India.Also Read - 4 Reasons Why Tourism is The Next Growth Engine For India, TAAI President Jyoti Mayal Explains

“World Bank has improved our position by 12-points within the past 1 year. That speaks a lot about the initiative of my government to create in ease of doing business,” Modi said. “We believe in ‘Minimum Government, Maximum Governance’. The days of red-tapism or retrospective taxes are over. I promise that retrospective taxes will never return, no matter which government is in power.” (ALSO READ: French President Francois Hollande addresses India-France Business Summit with Narendra Modi) Also Read - Budget Glossary 2022: Key Economic Terms Decoded to Understand FM Nirmala Sitharaman's Speech

“Make in India is not only a slogan, our government is committed to provide a conducive environment for business. We need investment to create jobs for our masses. We need smart cities. President Hollande has assured us to provide their expertise in urbanizing several regions of India. A tedious task awaits in front of us, we need to create a new India within this India.” Also Read - Identify 10 Tasks to be Completed in Next 3 Months, Work on Time-bound Targets to Increase People's Ease of Living: PM Modi to DMs

“What I would like to promise the CEOs of India and France present over here is that my government has only one motto. It is ‘Vikas, Vikas, Vikas,” Modi added.

In an important announcement, Modi revealed that Hollande has assured an investment 8 billion dollar annually to India. A number of bilateral agreements will be inked between the two leaders. However, one of the most important defence procurement made by India, the Rafale fighter jets deal, will not be finalized during this visit of Hollande. Although, the governmental pact of assurance is sealed between the two nation, the commercial deal is yet to be finalized.