It's a win-win for 130 crore Indians: PM Modi on corporate tax rate cut

WION Web Team New Delhi, India Sep 20, 2019, 03.47 PM(IST) Edited By: Sparshita Saxena

File Photo: Prime Minister Narendra Modi. Photograph:( Twitter )

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The prime minister said that the move will attract private investment from all across the world. 

Prime Minister Narendra Modi on Friday hailed Finance Minister Nirmala Sitharaman's announcement to slash corporate tax rates and called it "historic". 

The prime minister said that the move will attract private investment from all across the world. 

"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," the prime minister tweeted out. 

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PM Modi added that the decisions taken in the last few weeks exhibit that the "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".

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The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy.

At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points.

The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close.

Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.