New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday called upon the Indian industry to participate in the virtuous cycle of investments so that the opportunity to push India to a higher growth orbit is not lost.
Sitharaman said the industry should quickly join in the government to help virtuous cycle gain traction and push growth.
“There exists an immense opportunity for the Indian industry to invest in sunrise and new-age sectors. We invite industry to partner with the government in these areas, to lead India to a higher growth trajectory,” she said addressing members of the Confederation of Indian Industry (CII).
The Finance Minister said the Union Budget stands as a pillar of strong support for the nation.
“We have shown that we don’t just design, but also execute using various digital platforms,” she added.
Sitharaman further said the digitization in India has not only been one-way street where the government gives the push, but there is an amazing readiness with which the citizens have adopted with across-the-board reception.
The Finance Minister while referring to the Centre’s decision to cut corporate tax rate said the ruling dispensation has also opened up many sectors, including atomic energy and space.
Earlier in September 2019, Prime Minister Narendra Modi-led government slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 percent.
The new manufacturing companies have to pay at an even lower corporate tax rate of 15 percent.
The government in September 2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent. New manufacturing companies have to pay at an even lower corporate tax rate of 15 per cent.
Earlier on Tuesday, the Finance Minister kept the corporate tax rate unchanged in the Union Budget for 2022-23.
Sitharaman offered a concessional rate of 15 percent for one more year till March 2024 for newly incorporated manufacturing companies.