Several policy makers lauded the tax cuts announced by Finance Minister Nirmala Sitharaman and said that this and other fiscal relief measures were “bold” and would boost economic growth.
Commerce and Industry Minister Piyush Goyal tweeted, “I would like to thank FM @nsitharaman for announcing cut to the corporate tax rate for all domestic companies which has been reduced to 22% from the current which was nearly 35%.”
Oil Minister Dharmendra Pradhan commented that the cuts have infused "fresh enthusiasm and energy" into the corporate sector.
Minister of State for Finance & Corporate Affairs, Anurag Thakur said the step to cut corporate tax is historic and tweeted, “It will give a great stimulus to #MakeInIndia, attract pvt invstmnt frm across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians.”
Niti Aayog Vice-Chairman Rajiv Kumar also tweeted, “….. Heartiest congratulations to @narendramodi & @nsitharaman for the bold measures announced. Investor sentiments will get a big boost & the #economy will embark on a higher growth trajectory. Historical day.”
State Bank of India Chairman Rajnish Kumar said, “Such a rate cut will boost corporate bottomline, facilitate a reduction in product prices. Additionally, the move to incentivise setting up new manufacturing units in India comes at the most opportune time for foreign companies who could be actively looking for opportunities to invest globally.”