Narendra Modi said that the announcements in the last few weeks clearly demonstrate that the government is leaving no stone unturned to make India a better place to do business.
Prime Minister Narendra Modi has called the step to cut the corporate tax as historic. Narendra Modi said that this move will give a great stimulus to the Make in India campaign and will attract private investment from across the globe. He added that the tax cut will improve the competitiveness of the private sector and will create more jobs. Referring to the announcements made by Finance Minister Nirmala Sithraman, Narendra Modi said that the announcements in the last few weeks clearly demonstrate 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.
The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians. https://t.co/4yNwqyzImE
— Narendra Modi (@narendramodi) September 20, 2019
Narendra Modi has been extensively targeting the $5 trillion economy goal and has asked ministeries to take appropriate measures to make the target achievable. He has also taken steps to attract global businesses to coma and set up their businesses in India. The Prime Minister will be speaking at Houston on September 22 and it is expected that the US may announce some major decisions to improve the Indo-US bilateral relations during Narendra Modi’s visit to the country. The White House has announced that Trump would join Modi at the mega Houston rally on September 22, as a special gesture by the US President to underline the special bond between the two countries.
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Meanwhile, RBI Governor has also welcomed the Finance Minister’s move to slash the corporate tax rates, calling it a highly positive step for the Indian economy. He said that he expects the GDP growth for the second quarter to be stronger, due to enhanced government spending. Shaktikanta Das added that the government must focus on the quality of expenditure and the financial stability should be regularly monitored.