Everyone's progress is linked to India's progress, Modi said in Paris, adding that India is soon to become the world's third largest economy, and with its "skilled young talent factory and innovation spirit," the country is "fast becoming a preferred global investment destination."
The new bill which includes the recent changes in income tax rates, slabs, and TDS is aimed at simplifying the language and implementation of the income tax legislation for taxpayers.
The conman, currently in judicial custody for alleged multi-crore fraud cases being probed by the Enforcement Directorate, in a letter to Altman offered an investment of $1bn in OpenAI, and further extend it to another $2 bn over the next five years for operations in India.
The Monetary Policy Committee has unanimously decided to cut the key rate by 25 bps from 6.5% to 6.25%, said RBI Governor Sanjay Malhotra adding, “The Indian economy is not immune to global headwinds, but it remains strong and resilient.”
The rupee has been falling in recent weeks, and on Feb 3 touched an all-time intraday low of 87.29 against the American currency.
Altman, during a fireside chat with IT Minister Ashwini Vaishnaw, said OpenAI tripled its users here in the last year. He gave a ringing endorsement to India's efforts in building on AI at all levels of the stack, chips, models and "the incredible applications".
The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand.
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