Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath on Sunday said that the cut in corporate tax was “historic and bold”.
Talking to reporters at the Indian Institute of Management in Lucknow, he said that the measure was a precious pre-Diwali gift to the sector from Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Yogi Adityanath said that the move will not only enable India to become a $5 trillion economy by 2024 as envisaged by Modi, but would also help in providing an opportunity to Uttar Pradesh to embark on the path of becoming a $1 trillion economy. He said: “The message behind the cut in the tax rates is very clear — more wealth with the companies, more investment by the companies, more creation of jobs in the economy, high development, increase in demand and productivity and increased income.”
He said the the move will benefit the automobile sector and capital intensive industries such as construction and engineering. (IANS)