Nirmala Sitharaman, India’s finance minister, requested India Inc. to invest in the economy so that the virtuous cycle can begin.
She said the government has opened up numerous sectors, including atomic energy and space, as a result of its decision to lower corporate tax rates.
In September 2019, slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 %. New manufacturing companies have to pay an even lower corporate tax rate of 15 %.
The budget for 2022-23, which was announced on February 1, requested that the 15% corporate tax rate for newly established industrial units be extended for another year, until March 2024.
She told members of the CII that industry should join the government as soon as possible to enable the virtuous cycle acquire traction and boost growth.
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