Recent cut in corporate tax rate was done to boost investments: CEA
PTI, Dec 9, 2019, 2:44 PM IST
New Delhi: Chief Economic Adviser KV Subramanian on Monday said private investment is key to economic growth and the recent cut in corporate tax rate was done to boost investments.
“Private investment is the driver of economic growth. Steps that we are taking, be it corporate tax rate cut, be it code on wages and industrial relations, is to try and create a more favourable environment for investment,” Subramanian said at the FICCI Young Leaders Summit here.
He said investment is required for a sustained economic growth.
“So there is indeed well thought out agenda in implementing these measures and the effects of these will show (results), ” he said.
India’s GDP growth slowed sharply to a pace of 4.5 per cent in the July-September, hit by a slump in manufacturing output.
The pace of GDP growth has moderated from the 5 per cent rate in April-June and 7 per cent in July-September quarter of 2018.
In September, the government had announced a cut in the corporate tax rate to 22 per cent from 30 per cent.
It also lowered the tax rate for new manufacturing companies to 15 per cent to attract new foreign direct investments.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
With impact player, it is getting difficult each and every day: Pant
Congress in K’taka to stage protest on Apr 28 against ‘paltry’ drought relief given by Centre
McGurk, Stubbs rock as DC beat MI by 10 runs
‘Shaurya Smarak’ of three fallen Army officers unveiled in Jammu
BJP drops Poonam Mahajan, picks 26/11 prosecutor Ujjwal Nikam from Mumbai North Central seat