New Delhi: Union Finance Minister Nirmala Sitharaman once again came up with a sigh of relief amid the criticisms being caused by the recession. She proclaimed a great relief to the industry from this box. The Finance Minister announced a reduction in corporate tax. After this announcement, there was a positive response in the stock market and industry.

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From Kotak Mahindra, CEO Anand Kotak to Kiran Mazumdar Shaw has also praised this initiative of the government and hoped that these reforms will accelerate the pace of economic growth of the country in the coming times. The Finance Minister on Friday announced a reduction in corporate tax by 10-12 per cent before the GST Council meeting. Kotak Mahindra Bank CEO Uday Kotak tweeted that the reduction of corporate tax to 25 per cent is a huge reform.

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This will allow Indian companies to compete with companies in low-tax countries like the US. This indicates that our government is committed to economic growth and supports tax-compliant companies. This is a bold and progressive decision. Biocon chief Kiran Mazumdar Shaw has also tweeted and appreciated the Finance Minister's decision. She wrote on Twitter, "The company will increase the pace of growth by reducing the tax rate from 30 per cent to 25.2 per cent. This is a big step. This will increase development and investment". She praised the Finance Minister for the move.

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