Corporate leaders hail cut in tax rate; say will boost economy, manufacturing

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Published : Sep 20, 2019, 11:41 AM IST

Updated : Sep 20, 2019, 5:18 PM IST

17:13 September 20

Terming the massive Rs 1.45 lakh crore tax giveaways announced by the government earlier in the day on Friday, as "historic", Union minister Nitin Gadkari said the move will boost investor and entruprenuer confidence.

Expressing confidence that the tax cuts will increase the confidence of investors and entrepreneurs, he said "the decision is a historic one" and this can be construed as the growth engine for the MSME sector.

"For achieving the dream of becoming a USD 5-trillion economy (by 2025), such a decision is important. I am sure the market will react positively to the move. We have already seen the share markets rallying," he added.

17:08 September 20

Ashishkumar Chauhan, MD & CEO, BSE: The slew of historic measures has brought down Indian corporate tax rates to amongst the lowest in the world especially for the new manufacturing companies. These decisions will be celebrated as historic and will go a long way in improving 'Ease of Doing Business In India' even further.

There are several other fiscal measures that have also been announced which all point to the government's commitment to promote the business activities and enhance job creation manifold. These announcements will further boost the investor confidence and start the investment cycle.

16:01 September 20

Ajay Singh, Chairman and Managing Director, SpiceJet: This is a huge step. It will improve sentiment and go a long way in reviving growth, investment and demand. This move, the latest in a series of a steps taken by the government to spur growth, demonstrates the ability of the Finance Minister to come up with big solutions to big problems.

The Finance Minister has hit the ball out of the Arun Jaitley stadium!

16:00 September 20

Dr Prathap C Reddy, Chairman, Apollo Hospitals: Corporate India has for long been advocating standardised rates of corporate taxation, as a tool to drive creation of investible surplus and enhanced dividend payouts to drive purchasing power. At this time of global economic slowdown, we see this announcement as a decisive move by the Government of India to enhance competitiveness of Indian industry in the domestic and international arena.

16:00 September 20

Gopichand P Hinduja, Co-Chairman, Hinduja Group: The tax reduction is an excellent step that was needed for Indian economy revival and manufacturing sector. It shows government is well seized of the economic challenges facing all of us. I only wish more such steps, which government is already contemplating, could be taken together in one go like tapping NRI investments, with this one so as to create deeper impact, instill more confidence in economy and amongst corporates.

This would certainly help put businesses back on track, generate more employment and most importantly, keep India as the principal investment destination amidst global slowdown.

15:59 September 20

State Bank of India Chairman Rajnish Kumar: The large reduction in corporate taxes across the spectrum of all companies is perhaps the boldest reform in the last 28 years! Such a rate cut will boost corporate bottomline, facilitate a reduction in product prices.

Additionally, the move to incentivise setting up new manufacturing units in India comes at the most opportune time for foreign companies who could be actively looking for opportunities to invest globally! This move could also materially lead to India effectively integrating with the global supply chain and a boost to Make in India campaign!

15:59 September 20

Anil Agarwal, Executive Chairman, Vedanta Resources: The reduction of corporate taxes, including surcharges and cess, will significantly boost the economy and will provide a huge impetus for the manufacturing and infrastructure sector. We are confident this step, in coming days, will boost economic growth so that GDP can attain its true potential of 8-9 per cent. The journey looks extremely bright for creation of thousands of jobs in India and helping the country to march towards the USD 5 trillion-mark.

15:57 September 20

Moody's Investors Service on Friday said the government's move to cut corporate tax rate will boost net income of Indian firms, and is a credit positive move.

"The Government of India's decision to reduce base corporation tax to 22 per cent from 30 per cent will boost net income of Indian corporates and is credit positive," said Vikas Halan, senior vice president, corporate finance group, Moody's Investors Service.

15:57 September 20

Healthcare industry welcomed the government's decision to slash corporate tax, and said rationalisation of tax structure will provide much-awaited booster dose to the sector.

15:11 September 20

Auto industry body SIAM said the reduction in corporate tax rate and other announcements made by Finance Minister Nirmala Sitharaman would help give boost to local manufacturing in the sector.

15:11 September 20

Gautam Adani's tweet

Sensex jumps over 2,202 points at 38,295.85. Nifty rises by 655.85 points at 11,360.65.

14:48 September 20

"The reduction to 22 per cent in corporate taxes will result in massive release of Rs 1,45,000 crore immediately in the economy which will boost sentiments and bring in real surplus to the corporates," Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said.

14:19 September 20

K R Sekar of Deloitte India said the tax cuts would encourage competitiveness and also minimise tax cash outflows which would be ploughed back into Economy. "It is a great move aiming to bring back the economy into sound position".

14:19 September 20

Step to cut corporate tax historic, will give great stimulus to Make in India, says PM Narendra Modi.

14:12 September 20

Sensex jumps over 2000 points at 38,102.90. The broader NSE Nifty marked 601 points at 11,305.45.

14:09 September 20

Sensex jumps over 1900 point sto 37,997.71. The broader NSE Nifty 560 points to 11,264.70.

14:08 September 20

PM Narendra Modi's tweet

CII President Vikram Kirloskar said "cut in corporate tax from 30 per cent to 22 per cent without exemptions has been a long standing demand of industry and is an unprecedented and bold move by the Government".

13:56 September 20

Ashok Maheshwary & Associates LLP Partner Amit Maheshwari said "lately we have been loosing a lot of investments to other Asian countries who had been consistently reducing their corporate tax rate. This will help attract significant FDI and manufacturing to India. Abolition of DDT and going back to classical way of taxing dividends would be an icing on the cake".

13:22 September 20

"Reducing corporate tax rate to 25 per cent is big bang reform. Allows Indian companies to compete with lower tax jurisdictions like the US. It signals that our government is committed to economic growth and supports legitimate tax abiding companies. A bold, progressive step forward, Kotak Mahindra Bank CEO Uday Kotak said in a tweet.

13:22 September 20

FICCI's tweet

Sensex up by 1, 855 points at 37,948.55. Whereas the broader NSE Nifty rose by 547.30 points at 11,252.10.

13:20 September 20

CII's tweet

RBI Governor Shaktikanta Das welcomed the government's announcement to slash corporate tax across the board and termed the same as bold moves which should benefit all sectors.

13:20 September 20

sensex, nifty surge 5%; IndusInd bank jumps 11%

13:16 September 20

Uday Kotak's tweet

Mahindra & Mahindra Managing Director Pawan Goenka took to twitter to share his views: Looks like Diwali has come early.

13:09 September 20

Gold prices fell by 154 points to 37,532 as participants reduced their bets on low demand at the spot market even as the metal gained overseas.

12:56 September 20

Silver prices fell by Rs 163 to Rs 46,443 per kg in futures trade on Friday as participants reduced their bets on low demand at the spot market even as the metal gained overseas.

12:39 September 20

Top Gainers

Yes Bank shares on Friday rebounded, rising sharply by over 8 per cent, after one of the promoter entities of the company sold a part of its stake. The scrip, which faced severe drubbing in the previous trade, jumped 8.21 per cent to Rs 58.60 on the BSE on Friday. On the NSE, it advanced 8.41 per cent to Rs 58.65.

12:31 September 20

Pawan K Goenks's tweet

NITI Aayog CEO Amitabh Kant celebrated today's annoucements. Tweeting: Brilliant move! Way to go! Will provide a major impetus to animal spirits. Congrats.

12:30 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:29 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:25 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:22 September 20

Amitabh Kant's tweet

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:19 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:19 September 20

Kiran Mazumdar's Tweet

12:19 September 20

Piyush Goyal's tweet

Sensex jumps over 1700 points; Nifty near 11,200 on corporate tax cut.

12:18 September 20

Jairam Ramesh's Tweet

Sensex jumps over 1700 points; Nifty near 11,200 on corporate tax cut.

11:58 September 20

Top gainers

The government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.

11:57 September 20

BSE

The rupee extended the morning gains and rallied 66 paise to 70.68 against the US dollar on Friday after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth.

11:52 September 20

Nifty

11:52 September 20

Nifty has registerd its biggest single day gain in 10 years.

11:49 September 20

Nifty has registerd its biggest single day gain in 10 years.

11:46 September 20

Domestic investor wealth soared by Rs 2.11 lakh crore in morning trade on Friday as equity market rallied following a slew of economy-boosting announcements by Finance Minister Nirmala Sitharaman.

11:45 September 20

Nifty up by +451.90 points, currently at 11,156.70.

11:42 September 20

Mumbai: Sensex soars over 1600 points after the press conference of Nirmala Sitharaman in Panaji, Goa.

11:35 September 20

Corporate leaders hail cut in tax rate; say will boost economy, manufacturing

Mumbai: Sensex soars over 1600 points after the press conference of Nirmala Sitharaman in Panaji, Goa.

17:13 September 20

17:08 September 20

16:01 September 20

The Finance Minister has hit the ball out of the Arun Jaitley stadium!

16:00 September 20

This would certainly help put businesses back on track, generate more employment and most importantly, keep India as the principal investment destination amidst global slowdown.

15:59 September 20

15:57 September 20

Moody's Investors Service on Friday said the government's move to cut corporate tax rate will boost net income of Indian firms, and is a credit positive move.

15:57 September 20

Healthcare industry welcomed the government's decision to slash corporate tax, and said rationalisation of tax structure will provide much-awaited booster dose to the sector.

15:11 September 20

Auto industry body SIAM said the reduction in corporate tax rate and other announcements made by Finance Minister Nirmala Sitharaman would help give boost to local manufacturing in the sector.

15:11 September 20

Gautam Adani's tweet

Sensex jumps over 2,202 points at 38,295.85. Nifty rises by 655.85 points at 11,360.65.

14:48 September 20

14:19 September 20

Step to cut corporate tax historic, will give great stimulus to Make in India, says PM Narendra Modi.

14:12 September 20

Sensex jumps over 2000 points at 38,102.90. The broader NSE Nifty marked 601 points at 11,305.45.

14:09 September 20

Sensex jumps over 1900 point sto 37,997.71. The broader NSE Nifty 560 points to 11,264.70.

14:08 September 20

PM Narendra Modi's tweet

13:56 September 20

13:22 September 20

FICCI's tweet

Sensex up by 1, 855 points at 37,948.55. Whereas the broader NSE Nifty rose by 547.30 points at 11,252.10.

13:20 September 20

CII's tweet

RBI Governor Shaktikanta Das welcomed the government's announcement to slash corporate tax across the board and termed the same as bold moves which should benefit all sectors.

13:20 September 20

sensex, nifty surge 5%; IndusInd bank jumps 11%

13:16 September 20

Uday Kotak's tweet

Mahindra & Mahindra Managing Director Pawan Goenka took to twitter to share his views: Looks like Diwali has come early.

13:09 September 20

Gold prices fell by 154 points to 37,532 as participants reduced their bets on low demand at the spot market even as the metal gained overseas.

12:56 September 20

Silver prices fell by Rs 163 to Rs 46,443 per kg in futures trade on Friday as participants reduced their bets on low demand at the spot market even as the metal gained overseas.

12:39 September 20

Top Gainers

12:31 September 20

Pawan K Goenks's tweet

NITI Aayog CEO Amitabh Kant celebrated today's annoucements. Tweeting: Brilliant move! Way to go! Will provide a major impetus to animal spirits. Congrats.

12:30 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:29 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:25 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:22 September 20

Amitabh Kant's tweet

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:19 September 20

Sensex Jumps over 1936 points to 38,041.28. Nifty jumps over 564 points to 11,268.50.

12:19 September 20

Kiran Mazumdar's Tweet

12:19 September 20

Piyush Goyal's tweet

Sensex jumps over 1700 points; Nifty near 11,200 on corporate tax cut.

12:18 September 20

Jairam Ramesh's Tweet

Sensex jumps over 1700 points; Nifty near 11,200 on corporate tax cut.

11:58 September 20

Top gainers

11:57 September 20

BSE

11:52 September 20

Nifty

11:52 September 20

Nifty has registerd its biggest single day gain in 10 years.

11:49 September 20

Nifty has registerd its biggest single day gain in 10 years.

11:46 September 20

Domestic investor wealth soared by Rs 2.11 lakh crore in morning trade on Friday as equity market rallied following a slew of economy-boosting announcements by Finance Minister Nirmala Sitharaman.

11:45 September 20

Nifty up by +451.90 points, currently at 11,156.70.

11:42 September 20

Mumbai: Sensex soars over 1600 points after the press conference of Nirmala Sitharaman in Panaji, Goa.

11:35 September 20

Corporate leaders hail cut in tax rate; say will boost economy, manufacturing

Mumbai: Sensex soars over 1600 points after the press conference of Nirmala Sitharaman in Panaji, Goa.

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Last Updated : Sep 20, 2019, 5:18 PM IST

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