New Delhi: Union Finance Minister Nirmala Sitharaman has announced a cut in corporate tax, amidst the criticism about the slowdown in the country. This announcement by the Finance Minister has created a wave of happiness in the industry of the country. Union Road and Transport Minister Nitin Gadkari has also welcomed the government's decision. He said that the tax exemption of Rs 1.45 lakh crore given to the corporate world is historic. Gadkari said that this step will increase the trust of investors and entrepreneurs. He said this can make the MSME sector the engine of economic growth of the country.
"The Union Minister said that this decision is important to make the dream of becoming a five thousand billion dollar economy by 2025 come true. I am sure the market will react positively to this move. We have already seen the stock markets swing". Gadkari said in a program that the country will see positive results of this decision of a 10 per cent reduction in company tax in the coming time. Regarding economic slowdown, he said, "If you look at the growth rate of any country, whether it is China or America, then you will know that we are in a better position". This decision of the government has been welcomed by the industry.
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