Commenting on the latest announcements made earlier today by Finance Minister Nirmala Sitharaman, FICCI President Sandip Somany stated that the 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. The additional measures announced to stabilise the flow of funds to the capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive. This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors, he added.
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