Supporting the Union government’s decision to cut down corporate tax, Tripura Chief Minister Biplab Kumar Deb on September 24 said that it will encourage more investment in the country.

“The central government’s move will encourage more investment in the country. The decision will directly bring at least Rs 7-8 lakh crore worth of investment in the manufacturing sector soon at the cost of Rs 1.42 lakh crore,” Deb said in Agartala on Tuesday.

“Now, the money is kept in banks and with the decision of tax rebate the deposited money will be invested in industries, which will bring more employment and economic growth,” Deb added.

Terming the decision as ‘historic’, the chief minister added that the impact of corporate tax has become evident in India’s share market. Because of trade tassel between US and China, a large number of international manufacturing companies are winding up from those countries and by cutting down corporate tax India provides opportunity to set up their units in our country, he said.

“India had 35 per cent corporate tax but now Modiji has reduced it to 23 per cent and by next few weeks the country will see a massive economic development,” he claimed.

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