On Friday, Union Home Minister Amit Shah has said that Prime Minister Narendra Modi-led Government was committed to making the nation a big manufacturing center and cutting of corporate tax rates would make Indian Markets “much more exciting” for potential investors.
Mr. Shah has said that “rationalization” of corporate tax had been a long-pending need, which has now become a reality.
The Union Home Minister tweets, “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 realizing this objective. I congratulate PM @narendramodi and FM @nsitharaman for announcing these bold measures.”
Mr. Shah continued that this move will make corporates globally competitive and the nation’s markets “much more exciting” for potential investors.
The Central Government has cut corporate tax rates for domestic firms by around 10 percent to 25.17 percent to bring them at par with rivals, such as South Korea and China, as it looked to strengthen demand and investments.
Finance Minister Nirmala Sitharaman has announced the fiscal measures that will cost the government Rs. 1.45 lakh crore in revenue annually and may potentially detract the nation’s fiscal deficit roadmap.