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India’s Finance Minister Arun Jaitley has assured foreign investors that concerns about the pace of India's reforms process as well as adversarial tax regime would be addressed. He was on a visit to the United States accompanied by a delegation of Indian business leaders. "Reforms will expedite. Concern at the stability of policy, which has been assured because the government's movement is in one direction," Jaitley told reporters after a visit to the New York Stock Exchange. Jaitley took satisfaction that foreign direct investment has gone by 39 percent in 2014. The business delegation comprised eight past presidents of the Federation of Indian Chambers of Commerce and Industry (FICCI) as well as current head Jyotsna Suri. "Investors are certainly looking forward at India to make large amount of investments in India," he said. Jaitley, in his 2015-16 Budget made a significant change by exempting foreign institutional investors or FIIs from paying minimum alternate tax or MAT from April 2015. Despite his announcement, there are reports that the Income Tax department is sending notices to many foreign portfolio investors. Because of the uncertainty on MAT, many foreign investors sold Indian shares and bonds of around $630 million on May 6, making it the biggest single-day sale since January 2014. Both FICCI and the US-India Business Council facilitated meetings with CEOs, business leaders, investors, and representatives from the US industry and Indian-American community. A business delegation comprising senior members from Confederation of Indian Industries (CII) also joined the finance minister. Jaitley's US itinerary covered New York, Washington and San Francisco cities.

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