Reduction in corporate tax is historical : Prime Minister Narendra Modi

Prime Minister Narendra Modi on Friday has described Finance Minister Nirmala Sitharaman's decision to cut corporate tax as historic.

Latest Indian News: Reduction in corporate tax is historical -Prime Minister Narendra Modi

Prime Minister Narendra Modi on Friday has described Finance Minister Nirmala Sitharaman's decision to cut corporate tax as historic.

He tweeted, 'The move to cut corporate tax is historic. This will encourage Make in India, attract private investment from across the globe, improve our private sector competitiveness, create more jobs and win 130 crore Indians'.

He added, 'It is clear from the announcements made in the last few weeks that our government is leaving no stone unturned in making India a better place to do business. The government is improving opportunities for every section of society and enriching the country to create a five trillion economy'.

Home Minister Amit Shah has also supported the statement of the Finance Minister. He said, 'The demand for corporate tax has been rising for a long time and now it has become a reality. This step will make our corporates globally competitive and our markets will be very exciting for potential investors.

He further said, 'Modi government is committed to making India a big manufacturing hub and with the previous announcements of relaxation in FDI, this decision will go a long way towards fulfilling this objective. I want to thank Prime Minister Narendra Modi and Nirmala Sitharaman for this bold step.

Commerce and Railway Minister Minister Piyush Goyal said that the reduction in corporate tax by about 10 percent would give the economy the necessary boost. Goyal said that the Finance Minister's announcements of reducing corporate tax rates will give the economy the necessary boost that we are all expecting. We have taken several steps in a series of ways and today's step is the biggest among them all.

Reserve Bank Governor Shaktikanta Das welcomed the government's announcement of lowering corporate tax rates. He said that this is a big step and all sectors will benefit from it. He expressed confidence that the GDP growth rate in the second quarter would be better. Das said that the government has started spending again. This will improve GDP growth figures in the second quarter compared to the first quarter.

Finance Minister Nirmala Sitharaman on Friday announced a cut in corporate tax for companies as part of efforts to accelerate the economy. After this announcement, there was a wave of happiness in the stock markets and the market started running like a rocket.