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BJP lauds govt's announcements to boost economy

Press Trust of India  |  New Delhi 

The BJP on Friday cheered the government's move to slash corporate rate tax to boost economy, describing it as a "revolutionary boost" that will make the Indian market "much more exciting" for investors.

"Modi government is committed to making India a big manufacturing hub and this decision along with previous announcements on relaxing FDI will go a long way in realising this objective," BJP president Amit Shah, also Union home minister, tweeted, calling it a bold move.

Lauding Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, the party's working president J P Nadda said the announcement made by her will give "revolutionary boost in promoting investment".

Shah also said this move will make Indian firms globally competitive and the country's markets much more exciting for potential investors.

"When the going gets tough the tough gets going. Ma'am Nirmala Sitharaman, you proved it today," BJP general secretary (organisation) B L Santhosh said.

BJP ally and Union minister Ram Vilas Paswan dubbed the measure as "historic", saying it will boost domestic companies.

The government has slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.

Finance Minister Sitharaman announced the fiscal measures that will cost the government Rs 1.45 lakh crore in revenue annually and may potentially derail the country's fiscal deficit road map.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 20 2019. 19:05 IST