New Delhi: Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax rates and asserted that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business.
The announcements in the last few weeks clearly demonstrate that the government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a USD 5 trillion economy, he said on Twitter.
“The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians,” he said.
Battling a six-year low economic growth and a 45-year high unemployment rate, the government on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.
Tax sops will boost investor confidence, says Gadkari: Terming the massive Rs 1.45 lakh crore tax giveaways announced by the government earlier in the day on Friday, as “historic”, Union minister Nitin Gadkari said the move will boost investor and entrepreneur confidence.
Expressing confidence that the tax cuts will increase the confidence of investors and entrepreneurs, he said “the decision is a historic one” and this can be construed as the growth engine for the MSME sector.
“For achieving the dream of becoming a USD 5-trillion economy (by 2025), such a decision is important. I am sure the market will react positively to the move. We have already seen the share markets rallying,” he added.