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  Business   Economy  29 Nov 2019  Cut in corporate tax rate important for investments: CEA Subramanian

Cut in corporate tax rate important for investments: CEA Subramanian

PTI
Published : Nov 29, 2019, 12:12 pm IST
Updated : Nov 29, 2019, 12:12 pm IST

India's economy grew at 5 per cent in the first quarter of 2019-20 -- the slowest pace in over six years.

For the last few quarters the cycle of growth has not been as it was earlier, Chief Economic Adviser KV Subramanian said at an event in New Delhi and added that
 For the last few quarters the cycle of growth has not been as it was earlier, Chief Economic Adviser KV Subramanian said at an event in New Delhi and added that "corporate tax rate is important for investments". (Photo: File)

New Delhi: Chief Economic Adviser KV Subramanian on Friday said that the government recognised the need to cut the corporate tax to boost investments.

For the last few quarters the cycle of growth has not been as it was earlier, he said at an event in New Delhi and added that "corporate tax rate is important for investments".

 

India's economy grew at 5 per cent in the first quarter of 2019-20 -- the slowest pace in over six years.

The second-quarter GDP number is scheduled to be announced later today.

The government has undertaken a number of measures to arrest the growth slowdown. In September, it announced a cut in the corporate tax rate to 22 per cent from 30 per cent.

It also lowered the tax rate for new manufacturing companies to 15 per cent to attract new foreign direct investments.

Tags: corporate tax, kv subramanian, economy, gdp growth, manufacturing
Location: India, Delhi, New Delhi