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 Finance Minister announced that corporate tax rate on domestic firms would be reduced from 35 per cent to 25.2 per cent 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 at par with Asian nations.The S&P BSE Sensex jumped to a 10-year high after the announcement and the rupee climbed by 0.6 per cent against the dollar.Domestic companies have praised the move as the biggest in the measures announced by the government in tranches. The Prime Minister, in his tweets, also shared the key points of the government's move.The announcements in the last few weeks clearly demonstrate 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.
— Narendra Modi (@narendramodi) September 20, 2019