Prime Minister Narendra Modi termed the decision by Finance Minister Nirmala Sitharaman to slash the corporate tax rate 'by 25.17% historic'.
After Finance Ministry announced to slash the income tax rate for companies by almost 10 percentage points and offered a lower rate new manufacturing firms to boost economic growth rate, Prime Minister Narendra Modi on Friday termed the decision 'historic'.
Soon after Finance Minister Nirmala Sitharaman announced to slash the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms, PM Modi took to Twitter and said the decision will give a great stimulus to #MakeInIndia, attract private investment from across the globe.
"The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," PM Modi tweeted.
He said the announcements in the last few weeks by the Finance Minister "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".