Corporate tax reduction to help India become a $ 5 billion economy by 2024: Adityanath
LUCKNOW: By rating the huge cut in corporate tax rates by the Center earlier this week as a bold step and a previous gift to Diwali for India Inc., the chief minister of Uttar Pradesh on Sunday expected the exemption Rs tax of 1.45 lakh crore would help boost India in a $ 5 billion economy and UP in a $ 1 billion economy by 2024.
The message behind the reduction of tax rates is very clear: more wealth and more investment by companies, creation of more jobs, high development, increased demand and productivity and higher income, said Adityanath.
The prime minister expressed his confidence that the measure of the Ministry of Finance of the Union will not only allow India to become an economy of 5 billion dollars by 2024 as the Prime Minister anticipates Narendra Modi but it also helps Uttar Pradesh to embark on the path of becoming a $ 1 billion economy.
The prime minister made the comments at a press conference before a Manthan training program organized for the ministers and senior officials of the Uttar Pradesh government by the Indian Institute of Administration, Lucknow.
He said that tax rate cuts will greatly benefit the automobile sector and capital-intensive industries such as construction and engineering.
UP has already prepared 21 sector policies and is ready as a new investment destination. The new tax rate cut will increase new possibilities in the state and will have a positive impact on the state's economy, the minister said in a statement. .
The measure will not have any negative impact on the collection of taxes in the state. The tax rate cut is a historic and bold step, the chief minister added.
The trade war between the United States and China will benefit the country, and UP can make the most of it, since the state has better connectivity, a land bank and policies from most of the focus sectors, Adityanath said.
We have also made a significant leap in the country in the ease of doing business. In the last two and a half years, the condition of the MSME sector in the state has also improved, said the chief minister.
Adityanath said that at a time when the growth rate of many countries is around 1-2 percent, India is growing at a rate of more than 5 percent.
I congratulate the Prime Minister and the Minister of Finance of the Union for these bold and historic decisions, he said, adding that Uttar Pradesh will become one of the most attractive investment destinations.
Fighting low economic growth of six years and a high unemployment rate of 45 years, the Center reduced corporate tax rates on Friday by nearly 10 percent to 25.17 percent to match Asian rivals like China and, as it sought to boost demand and investments.