Taxation laws can play a significant role in the country's economic growth and its integration with the world, Union Minister Sudarsana Natchiappan has said.
"The core principle and ideas of taxation still remained as they were envisaged in the time before us, as a means of giving back to the society and the world we live in," he said at a conference.
The Minister of State for Commerce and Industry said there was a need of for promoting trade and investment as it is necessary for economic growth and sustainable development.
He said taxation laws can play a significant role in the growth of an economy and India is no different and it is also a factor in the economic integration of a country into the global economy.
The conference saw the launching of a one year specialised LLM course in taxation by a private university, the first of its kind in the country.
The programme by Jindal Global Law School is in collaboration with the United Kingdom's Association of Chartered Certified Accountants.
The conference was organised in the memory of O P Vaish, a distinguished lawyer.
Apart from the minister, Rajasthan High Court Justice Vineet Kothari, who is also the President of Indian Society of International Law, Chas Roy-Chowdhury, Head of Taxation, ACCA, London and Professor C Raj Kumar, Vice Chancellor of O P Jindal Global University, were also present in the conference.
"The growth of Indian economy is an issue of debate.
“With globalisation and liberalisation, foreign investment has increased.
"Inflow of money is dependent on the international taxation policies. Foreign investors should be provided stress free environment," Justice Kothari said.
Speaking at the conference, Chowdhury talked about the growing need for an international consensus on the issues surrounding taxation, with India being a major player as part of the BRIC countries.