Corporate tax cut under Modi's stimulus package takes the Indian Stock Market to new highs
Sun, Sep 22, 2019 12:27 PM on International, Latest, Stock Market,
The Indian Stock market touched new highs after 2009 on Friday (September 20, 2019).
This bullish trend was pushed after the surprise cut in the corporate tax rate announcement by the Finance Minister of India, Nirmala Sitharaman. The corporate tax has been brought down from 30% to 25.75% and for new manufacturing firms, the tax rate has been offered at 17.01%. The tax cut came under the PM Modi's Stimulus Package worth IC 1.45 lakh crore.
In addition to that, the government also took back the enhanced surcharge on Capital Gains that was introduced in the Monetary Policy. This package is brought to promote #MakeInIndia and attract foreign Investors.
The Sensex closed at 38,014 climbing 1,921 points or 5.32%. Similarly, Nifty Fifty rose 5.5% closing at 11,274 points.
Not just the stock market, the Indian Rupee also rose by 40 paisa on Friday to settle at 1 USD equals IC 70.94.
