Corporate tax cut to benefit Uttar Pradesh most: Yogi Adityanath

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Published: September 23, 2019 12:06:45 AM

Addressing mediapersons at the IIM-Lucknow here on Sunday, he claimed that UP was already an attractive destination for private investments and the recent measures would provide further fillip to the state.

The chief minister said that due to reduction in corporate tax, 20% of incremental FDI is likely to flow into Uttar Pradesh. (Twitter image)The chief minister said that due to reduction in corporate tax, 20% of incremental FDI is likely to flow into Uttar Pradesh. (Twitter image)

Welcoming the Centre’s decision to cut corporate tax rates, Uttar Pradesh chief minister Yogi Adityanath said the move will benefit UP the most.

Terming the move to cut corporate tax rates as ‘historic’ and ‘bold’, he said the measures are a precious pre-Diwali gift to the sector from Prime Minister Narendra Modi and finance minister Nirmala Sitharaman and that slashing tax rate will result in more investment by corporates, higher growth, more jobs, higher productivity and higher income.

Corporate tax rate cut decoded! Why FM Sitharaman’s announcement is a Diwali bonanza for economy

He expressed confidence that the move will ‘not only enable India to become a $5 trillion economy by 2024, but also help in providing an opportunity to Uttar Pradesh to embark on the path of becoming a $1 trillion economy’.

Addressing mediapersons at the IIM-Lucknow here on Sunday, he claimed that UP was already an attractive destination for private investments and the recent measures would provide further fillip to the state.

“The financial sector in Uttar Pradesh will get a major boost because of this decision of the Central government. There will be no negative impact on the revenue collection in the state,” he said, and pointed out that Uttar Pradesh will have the opportunity to leverage growth because of tax rate cuts and the prevailing business environment.

The chief minister said that due to reduction in corporate tax, 20% of incremental FDI is likely to flow into Uttar Pradesh.

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