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Business Economy


Cut in Corporate Tax would increase investment flow in exports: FIEO

New Delhi, Sep 20 (UNI) Hailing the reduction in Corporate Tax Rate to 22 per cent for domestic companies and 15 per cent for new companies, Federation of Indian Export Organisations (FIEO) on Friday said such reduction would attract much needed investment both through FDI route and domestic investment.
FIEO president Sharad Kumar Saraf said the timely move would also help in attracting investment from companies in China who are looking for new destinations for expansion or starting a new venture with an eye on US market.
It will encourage investment in the existing domestic companies also giving them the scale to cater to the huge market of the US and China. The technology companies in small segment may migrate to medium size companies with equity participation from overseas.
The effective rate of 17.01 per cent is very attractive as the similar rate in US is about 21 per cent and in China about 25 per cent. The reduced rate has given further stimulus to investors attracted to India as a market.

Mr Saraf said that the allocation of 2 per cent CSR fund on incubators, IITs, national laboratories and specified agencies engaged in conducting research would not only establish industry academia relationship but would give a push to R and D and product innovation which is need of the hour in exports particularly as India is focusing now on sunrise sectors of exports.
Prime Minister Narendra Modi hailed his government's decision to slash corporate tax rates. "The step to cut corporate tax is historic. It will give a great stimulus to Make in India, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," he tweeted.
Finance Minister Nirmala Sitharaman announced cuts in tax rates for domestic companies to 22 per cent and for new domestic manufacturing companies to 15 per cent and other tax relief measures.
The move will cost the exchequer Rs 1.45 lakh crore annually. The government also announced rollback of higher surcharge on capital gains on sale of equity announced in Budget for individuals, HUFs and Association of Persons (trusts).
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Sensex falls by 128 84 pts

Sensex falls by 128 84 pts

04 Jun 2020 | 5:24 PM

Mumbai, Jun 4 (UNI) The Benchmark Index of Bombay Stock Exchange on Thursday ended negative at 33,980.70, down by 128.84 points, snapping a rally of last six sessions because of selling in Bankex, Finance, Capital Goods and Realty stocks despite
positive global cues.

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Rupee down by 11 paise against USD

Rupee down by 11 paise against USD

04 Jun 2020 | 5:22 PM

Mumbai, Jun 4 (UNI) The Rupee on Thursday further slipped by 11 paise to close at 75.57 against the US Dollar on brisk demand for US Dollar by bankers and importers, dealers at Forex Market said.

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Bombardier Transportation extends successful partnership with QUEST Global

Bombardier Transportation extends successful partnership with QUEST Global

04 Jun 2020 | 5:20 PM

Mumbai , Jun 4 (UNI) Global mobility solution provider Bombardier Transportation and QUEST Global, a global product engineering and lifecycle services company, have signed an agreement to extend their existing partnership in order to strengthen cooperation to further develop engineering capabilities for the rail market.

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Hipla Technologies Pte Ltd Raises SGD 500,000 Funding to Further Grow its Contact Tracking and Social Distancing Product ContaTrack ai

04 Jun 2020 | 4:49 PM

The organisation has launched an end-to-end contact tracing and social distancing solution for offices, manufacturing, retail and healthcare environments
SINGAPORE and KOLKATA, June 4, 2020 /PRNewswire/ -- Hipla Technologies Pte Ltd is excited to announce that they have successfully raised SGD 500,000 from a stellar consortium of investors from India and Singapore.

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Cyient Appoints Meenu Bagla as Vice President and Chief Marketing Officer

04 Jun 2020 | 4:48 PM

Meenu brings more than 20 years of rich experience in the technology industry and will further strengthen the company's brand, deepen customer engagement, and contribute to revenue growth
HYDERABAD, India, June 4, 2020 /PRNewswire/ -- Cyient, a leading digital technology and engineering solutions provider, today announced the appointment of Meenu Bagla as the Vice President and Chief Marketing Officer. As CMO, Meenu will be responsible for strengthening the brand reach, relevance, and advocacy to deliver accelerated business growth in new and existing markets.

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