FM urges India Inc to open up their purse to push growth

Finance Minister Nirmala Sitharaman on Saturday asked India Inc to invest in the economy so that the virtuous cycle kicks in.

Referring to the government’s decision to cut corporate tax rate, she said, the government has also opened up many sectors including atomic energy and space.

The government in September 2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent. New manufacturing companies have to pay at an even lower corporate tax rate of 15 per cent.

The Budget 2022-23 presented on February 1 proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.

Addressing members of CII, she said industry should quickly join in the government to help virtuous cycle gain traction and push growth.