Prime Minister Narendra Modi on Saturday told Saudi CEOs that retrospective taxation was a thing of the past, though he was "not able to do anything" about two pending cases from the previous government as they were sub-judice, reported PTI. However, he did not reveal any further details about the cases. Addressing business leaders in Riyadh, Modi said a common direct tax regime in form of Goods and Services Tax was "about to happen", though he did not mention a timeframe for the same.

"You are worried about GST. Do not worry about GST. GST will happen. I cannot give a timeframe, but it will happen. It was our commitment, and it is about to happen," Modi said, as he asked Saudi businessmen to invest in India's defence, energy, railway, health and agriculture sectors, reported the Economic Times. He said the National Democratic Alliance government has opened up various sectors to foreign investment as India stands as a "beacon of hope" in the middle of global economic slowdown. He added that his government was in favour of stable and predictable policies to create a business-friendly environment for investors.

Before meeting the select group of business leaders, Modi visited an all-women training centre of Tata Consultancy Services in the heart of the city. Upon his arrival on Saturday, he was received at the King Khalid International Airport by the Governor of Riyadh.