The president of the Confederation of Indian Industry (CII), Vikram Kirloskar, has thanked Union finance minister Nirmala Sitharaman for her decision to cut down corporate tax from 30 percent to 22 percent, while describing it as a “bold move” of the central government.

“The Finance Minister’s mega Corporate Tax stimulus is a major move to boost investors’ sentiments, encourage manufacturing and awaken animal spirits in the economy. Cut in corporate tax from 30 pc to 22 pc without exempt-ions has been a longstandi-ng demand of the industry and is an unprecedented move made by the government,” Kirloskar stated

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“CII is thankful to the Finance Minister for being so receptive and open to suggestions…,” he added.