INDIA

Government To Open Further Reforms: FM Nirmala Sitharaman

Mumbai: Finance Minister Nirmala Sitharaman on Tuesday said the government is open to further reforms for making India a more attractive investment destination. The government has taken various steps, including reduction of corporate tax, she said at India-Sweden Business Summit here.

Without sharing details of future reforms, the finance minister said, “I only can invite and assure that the Government of India is committed for further reforms in various sectors whether it is banking, mining or insurance and so on.”

Further adding she said the government is facing some problems by the industry not just Indian-owned but operationalise industries which are present in India.

“Since after budget, I have made sure constant interactions with the industry, understanding their challenges, and therefore since after the budget not waiting for another budget which is expected in February 2020, we took major structural reform in the form reduction in corporate tax.”

“This one measure indicates how our government believes in reforms. Today I say there are many more steps we have to take,” she added.

In September the government had slashed the rates up to 10 per cent as the biggest tax reduction in 28 years and pulled the economy out of a six-year low growth with a Rs 1.45 lakh crore tax break.

Base corporate tax for existing companies has been reduced to 22 per cent from 30 per cent, and to 15 per cent from 25 per cent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.

“Our step of corporate tax reduction shows how much our government believes in reforms there are many more steps that we have to take,” she said.

She invited Swedish firms to invest in infrastructure development projects. India plans to invest about Rs 100 lakh crore in the infrastructure sector in the next five years.

“From the point of view being a democracy, a rule-based country, there is a clear rule of law principle which governs this country in a very transparent way and therefore if global investors are looking for an environment which is familiar to them is far more acceptable to them, India stands out,” she said.

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