Prime Minister Narendra Modi while addressing the Global Business Forum 2019 in New York stated that this is just the start of his government's various efforts to steer India on the path of development. "Today Indians are standing with the government that is not holding itself back to make decisions in improving the business environment," he said. While addressing the gathering of global business leaders, PM Modi said that the government in India respects the business world and the wealth creators.
Speaking about the re-election of his current government, he said that the Indians have not only expressed their business sentiment through elections, but also have given a judgment that development is their first and biggest priority. He further stated that India is currently in a unique position and people are helping in boosting the economy.
According to PM Modi, after the government made its decision to cut corporate tax rates, all the people in the business world called it a historic step. With the Finance Minister Nirmala Sitharaman announcing the sharp cut in the corporate tax rates in the country, India has now become one of the countries with a low tax rate. The government had announced that corporate tax has been cut down to 25.17 per cent inclusive of all the cess and surcharges for domestic companies. Along with this, all the revenue that is foregone on reduction in corporate tax and other relief measures will be Rs. 1.45 lakh crore annually. PM Modi further said that after forming the new government, they have scrapped around more than 50 laws that were hindering in the way of development.
#ModiPowerPush | Today there are four important factors of India's growth story which are difficult to meet in the world together. These 4 factors are Democracy, Demography, Demand and Decisiveness: PM Modi at the Bloomberg Global Business Forum 2019— Republic (@republic) September 25, 2019
The Bloomberg Global Business Forum (GBF) opened on Wednesday (IST) at the Plaza Hotel in New York. According to reports, Prime Minister Modi and Michael Bloomberg focused on opportunities to strengthen global economic stability and tackle climate change. The Forum is a platform for promoting economic growth and advancing technologies to improve society.