Nirmala Sitharaman on Corporate Tax and GDP Growth: Union Finance Minister Nirmala Sitharaman while addressing the 4th Annual India Energy Forum by CERA Week on Tuesday said that India’s GDP growth this year will be negative or near zero.
Apart from GDP growth, she said that Festival season has commenced in India, as a result of which I expect the demand to go up and therefore, be sustainable also.
Speaking at 4th Annual India Energy Forum by CERA Week, Nirmala Sitharaman also said that “Globally, we are one of the lowest in terms of Corporate Taxation. For any investment which comes into manufacturing and which commences production by March 31, 2023, they shall be paying only 15 percent Corporate Tax.”
She also said that Foreign Direct Investment (FDI) inflow between April and August of 2020, grew by about 13 percent compared to non-COVID 2019’s comparable period.
The Finance Minister further said that the focus for the government of India was on public spending to boost economic activity.
She also said that “If that sustainable revival is going to happen between Q3 & Q4, we expect overall GDP growth not withstanding pandemic should be as predicted by IMF as negative or near zero this time. Next year clearly India will be seeing itself as one of fastest-growing economies.”
“We can now see the revival, particularly in the PMI, which shows a spurt in the number, the highest after 2012, which indicates revival is there which is going to be steady and sustainable,” she said.