Union Home Minister Amit Shah on Friday said the Modi government was committed in making India a big manufacturing hub and the slashing of corporate tax rates would make the country’s markets “much more exciting” for potential investors.
Shah also said rationalisation of corporate tax had been a long pending demand which has now become a reality, adding that this move will make the corporates globally competitive.
“Modi government is committed to making India a big manufacturing hub and this decision along with previous announcements on relaxing FDI will go a long way in realising this objective. I congratulate PM @narendramodi and FM @nsitharaman for announcing these bold measures,” he tweeted.
The government on Friday slashed corporate tax rates for domestic firms from 30% to 22% and for new manufacturing companies from 25% to 15% to boost economic growth.
{{/usCountry}}The government on Friday slashed corporate tax rates for domestic firms from 30% to 22% and for new manufacturing companies from 25% to 15% to boost economic growth.
{{/usCountry}}Finance Minister Nirmala Sitharaman announced the fiscal measures that will cost the government ₹1.45 lakh crore in revenue annually and may potentially derail the country’s fiscal deficit roadmap.