New Delhi | PM Narendra Modi said on Thursday that the corporate tax move was historic and would give a great stimulus to his flagship make in India scheme besides attracting investments.
He also said this would create move jobs for crores of Indians.
“The step to cut corporate tax is historic. It is a great stimulus to make in India, attract private investment from across the globe, improve competition of the private sector, create more jobs and result in a big win for 130 crore Indians”, he wrote 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. https://t.co/4yNwqyzImE
— Narendra Modi (@narendramodi) September 20, 2019
The PM added that it clearly demonstrates that our 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 5 trillion economy.
The Finance Minister Nirmala Sitharaman announced that the corporate tax rate on domestic firms would be reduced 35 percent to 25.2 percent to boost the economy after a six-year low in GDP growth and amid a 45-year high unemployment rate.
The new tax structure, effective from April, and will bring Indian corporate tax rate with Asian nations Domestic companies have praised the move made by the government in tranches.