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Business Economy


EAC-PM welcomes Govt measures to revive economic sentiment

New Delhi, Sep 20 (UNI) Union Finance Minister Nirmala Sitharaman made path-breaking announcements on Friday by revising the corporate tax rate downward and altering the percentage and application of Minimum Alternate Tax in certain cases.
She has also taken measures to stabilise and enhance the flow of funds into the capital market and broadened the scope of CSR funding.
Economic Advisory Council to the Prime Minister (EAC-PM) has welcomed these comprehensive measures.
These are important steps which will boost investment and enhance India’s economic growth. The Finance Minister has given an option to corporations to choose between reduced tax rates and prevailing exemptions.
The Council felt that an even lower tax rate of 15 per cent for companies making fresh investments in the coming months is bound to trigger new investments which will further augment India’s GDP. This augmentation will counterbalance the revenue that will be foregone.
The announcements that are part of the series of measures taken by the Government to revive economic sentiment will go a long way in helping India realise its full economic potential.
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).
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.
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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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