Finance Minister Urges Corporates To Support Economic Growth

Finance minister urges businesses to support economic growth

Finance Minister Nirmala Sitharaman urged businesses to contribute to economic growth

New Delhi:

Finance Minister Nirmala Sitharaman on Saturday asked India Inc to invest in the economy so that the virtuous cycle begins.

Referring to the government’s decision to reduce the corporate tax rate, she said the government has also opened up many sectors, including atomic energy and space.

In September 2019, the government reduced the corporate tax rate for companies that do not benefit from any tax incentives, to 22%. New manufacturing companies must pay an even lower corporate tax rate of 15 percent.

The budget for 2022-2023 presented on February 1 proposed that the concessional 15% corporate tax rate be available for an additional year until March 2024 for newly incorporated manufacturing units.

Addressing ICN members, she said industry should quickly join government in helping the virtuous cycle gain traction and drive growth.

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