New Delhi:
Finance Minister Nirmala Sitharaman on Saturday asked India Inc to invest in the economy so that the positive cycle gets started.
Referring to the government’s decision to cut corporate taxes, she said the government has also opened up many sectors, including nuclear energy and aerospace.
In September 2019, the government lowered the corporate tax rate for companies not taking advantage of tax benefits to 22 percent. New manufacturing companies must pay an even lower corporate tax rate of 15 percent.
The budget for 2022-23 presented on February 1 proposed that the favorable 15 percent corporate tax rate would remain available for another year until March 2024 for newly established production units.
Addressing members of CII, she said the industry must quickly join the government to help the virtuous cycle gain momentum and spur growth.