Thursday, September 29, 2022

Industry welcomes corporate tax cuts, says will revive animal spirits

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New Delhi: The industry has welcomed the corporate tax cuts announced by Finance Minister Nirmala Sitharaman on Friday, saying that it will revive the animal spirits of the sector. While FICCI said that the announcements will reinvigorate the manufacturing sector, Confederation of Indian Industry (CII) hailed the corporate tax cuts as a huge game-changer for the economy.

‘Govt has fulfilled a long-standing request from industry’

Commenting on the corporate tax cuts announcements made on Friday by Finance Minister Nirmala Sitharaman, FICCI President Sandip Somany said, “These announcements will give a major boost to the animal spirits of corporate India and will reinvigorate the manufacturing sector that has been going through a difficult phase of late. Lowering of income tax on corporates is a long-standing FICCI request. With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries. FICCI is sure that this trigger will lead to a virtuous cycle of investments, growth and higher employment.”

‘Major boost for investor sentiments’

The drastic reduction in corporate taxes is a huge game-changer for the economy and is truly a decisive announcement for awakening the animal spirits of investors. It will catalyse investments, particularly in manufacturing, infuse huge confidence among investors, and set a new springboard for growth, stated a press release from CII.

“Finance Minister’s mega Corporate Tax stimulus is a major move to boost investors sentiments, encourage manufacturing and awaken animal spirits in the economy. Cut in corporate tax from 30% to 22% without exemptions has been a long standing demand of industry and is an unprecedented and bold move by the Government,” said Vikram Kirloskar, President, CII.

‘Corporate tax cuts augur well for economy’

“The decision of the government to reduce the corporate tax rates and a slew of other measures augur well for boosting the economic activities in the country. It is a welcome move which will bring in investment in new projects from freed-up cash, leading to employment opportunities, manufacturing growth and stimulus towards higher consumption.
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This move is surely expected to have positive effect on the steel industry which has strong forward and backward linkages,” said SAIL Chairman and Managing Director Anil Kumar Chaudhary.

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