Industry experts have hailed the move by finance minister Nirmala Sitharaman to slash tax rates to 22 %
Bengaluru: The Union government’s move to slash corporate taxes to 22% with an obvious move to boost the slowing economy has received encomiums from industry experts.
Here are the reactions:
1. Kiran Mazumdar Shaw, chairperson and managing director of Biocon gave her thumbs up for the move!
Corporate Tax Rate Cut From 30% To 25.2% To Spur Growth- this is a great move which will firmly revive growth n investment. My hats off to FM @nsitharaman for this bold but most needed move. https://t.co/yhvJ9IcMmm— Kiran Mazumdar Shaw (@kiranshaw) September 20, 2019
2. With this announcement we are looking at revival of animal spirits. Liquidity, capital and sentiment is being aimed at by the Finance Minister and their revival is being is the target of the government. Markets are reacting well and this will continue.
-Vikas Khemani, Founder, Carnelian Capital
3. This is a brilliant move and I think this is the way forward. It will push manufacturing in India. More importantly, these are all measures to establish that the government is determined to take India forward and that it understands what is happening on ground. I believe this was the right time to introduce these measures, the RBI and government have worked together and this is the 4th booster and will revive the economy.
-Amitabh Kant, CEO, Niti Aayog
4. FM's announcements today will give necessary fillip to the economy which we've been hoping for. The announcement on tax will help companies like Coal India, Infosys, and Wipro. We have had a series of measures, today's measures are the largest
-Piyush Goyal, Union minister.
5. It is a bold step and a highly positive one for the economy.
-Shaktikanta Das, RBI Governor
6. This is an extraordinarily good announcement, it is the big bang reform we have been asking for it and glad that this was announced. It is a positive sign that the government is aware of what is happening and is aligned towards revival of animal spirits. It will encourage the FIIs and will bring them back to invest more. Our manufacturing companies were paying full tax now we will reinvest what we will save and that will create more jobs. The financial sector will see a good positive change.
-Ajay Piramal, Piramal Group
Last Updated 1:35 PM IST