Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on Sunday claimed here that the Union Government has taken historic steps to strengthen economic growth and drive the country’s economy towards a $5-trillion target.
The positive impact of the fiscal steps would be felt at various levels soon, he said.
Addressing a Press conference here, Pradhan said India has become a frontrunner in Asia in lessening taxes for companies. He said corporate tax has been lessened from 34.9 per cent to 15.17 per cent. Income tax for manufacturing companies has been lessened to 15 per cent, he said. Due to tax slashes, investors have been encouraged to buy shares from the stock exchange of India.
The Government has eased bank loans for poor, middle and upper-middle people. Tax for Rs 7,500 room hotels has been slashed from 28 per cent to 18 per cent.
The Government has give priorities on infrastructure development allocating Rs 100 lakh crore for development of roads, railways, water and air ways and telecommunications.
Trade fight between America and China has come as a direct attack on the UAE and other big oil-manufacturing countries and has caused of global recession. Despite this, inflation in India has remained under control due to steps taken by the Modi Government.
The Modi Government has succeeded in keeping prices of essential commodities like dal, rice, edible oil stable, Pradhan claimed.
