India the lowest corporate tax country in the world
Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, led the Indian delegation at G20 Finance Ministers and Central Bank Governors as well as the BRICS Finance Ministers and Central Bank Governors meetings held in Washington D.C yesterday. Finance Minister is leading the Indian delegation to the IMF/WB Annual Meetings being held in Washington D.C this week.
The focus of discussions in the G20 Finance Ministers and Central Bank Governors Meeting was on the current challenges to the global economy and possible responses to mitigate them. Smt Sitharaman emphasized that the G20 has the responsibility to navigate the global policy co-ordination in effective fashion by identifying and taking strong measures for building buffers and catalysing a second wave of reforms.
She gave a clarion call for concerted action in the face of global slowdown. She also highlighted that the emerging market economies, in particular, face the challenge of achieving economic growth and inclusive development while pursuing sustainable financing.
In this context, Finance Minister emphasized upon the importance of countries pursuing structural reform measures to counter the growth slowdown. The structural reform measures undertaken by India was highlighted by the Finance Minister particularly, the recent measures such as reduction of Corporate tax.
Smt. Sitharaman indicated that India has reduced the Corporate tax from 30% to 22% thereby making India one of the lowest corporate tax imposing countries in the world today. This will spur investment. Alongside the Corporate tax reform, Government of India’s measures pertaining to Aaadhar based Direct Benefit Transfer as well as Universal Health Care policy received special mention from the Finance Minister.
In conclusion, FM re-emphasized the need for G20 to ensure collective action so as to enable global growth to regain pace.
