• By Aalok Sensharma
  • Fri, 20 Sep 2019 03:00 PM (IST)
  • Source:JND
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New Delhi | Jagran News Desk: Prime Minister Narendra Modi on Friday praised the government’s decision to slash corporate taxes and called it a ‘historic’ move.

The Prime Minister also said that the move would give a great stimulus to his flagship Make in India scheme besides attracting investments.

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“The step to cut corporate tax is historic. It will give a great stimulus to Make In India, 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,” said the Prime Minister in a Tweet.

Speaking about USD five trillion economy, the Prime Minister said that the move will help India achieve this goal.

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“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 USD 5 Trillion economy,” PM Modi added.

Finance Minister Nirmala Sitharaman on Friday announced the government’s decision to slash corporate tax rates for domestic companies. Sitharaman further said that the move will is being done to promote investment and growth.

“We today propose to slash the corporate tax rates for domestic companies and for new domestic manufacturing companies,” said the Finance Minister. The announcement comes amid demand for a rate cut, keeping in mind the revenue position and the need to boost sagging economic growth.