India committed to taking 'hard' decisions on economy: PM

TOKYO: India is committed to taking "hard and difficult" decisions in the long-term interest of the economy, Prime Minister Manmohan Singh said on Tuesday, while assuring Japanese industry that the long-awaited Goods and Services Tax (GST) regime facing hurdles from states will be in place in an "appropriate type" by 2014.

On a mission to woo Japanese investors, Singh told leading business honchos at the Keidanren, the premier chamber of commerce and industry, that the present bilateral trade of USD 18 billion does no justice to the enormous potential that exists between the two countries.

The Prime Minister faced some searching questions from the Japanese industry which sought improvement in tax regimes, further easing of priority sector lending rules to expand financial services and allowing opening of foreign bank branches in metropolitan cities.

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