Bengaluru: Prime Minister Narendra Modi today said India is a “bright spot” in global economic slowdown and assured foreign investors of favourable business conditions, including strong intellectual property rights protection.

He also said that the government hopes to roll out the Goods and Service Tax (GST) next year.

Renewing government’s commitment to creating favourable conditions for business and industry, Modi said: “Never before is India so well prepared to absorb talent, technology and investment from outside.”

“We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016,” Modi said at the Indo-German Summit here, sharing the dais with German Chancellor Angela Merkel. She is on a three-day visit to the country.

The GST bill is facing hurdles in the opposition dominated Rajya Sabha despite an aggressive push by the government for its passage.

At the Summit attended by the who’s is who of the India Inc, particularly the IT sector, Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs.

A comprehensive National IPR Policy is being finalised, he said, adding that it will be “progressive and forward looking”.

“Such a huge potential for creation and production will not be available in any one country,” the Prime Minister said as he spoke of the slew of steps taken by the government to ensure ease of doing business.

Modi said across the board the validity period of Industrial Licences had been increased and regulatory clearances including security and environmental expedited.

“We have taken very decisive steps to remove a number of long pending concerns of investors,” he said.

(Agencies)