The government, in a desperate move to boost market sentiments and investments in the country, slashed corporate tax rates from 30 per cent to 22 per cent. Sensex and Nifty, which were trading flat before the announcement, zoomed over 5% each after the corporate tax rate cut. India Inc welcomed the govt's 'bold move' and said that the tax cuts will bring in more investment. Read for more top stories from the world of business and economy:
All these moves would cost the government exchequer Rs 1.45 lakh crore. The question though is if a significant part of this money would flow as investments in the short to medium term.2. Sensex closes 1,921 points higher, Nifty ends above 11,250 after corporate tax rate cut
Sensex had last logged biggest single day intra-day gain of 2,111 points on May 18, 2009, when investors resorted to heavy buying after the UPA emerged victorious in the 2009 General Election.3. Corporate tax cut: Uday Kotak, Ajay Piramal, others welcome 'bold move'
Following the Finance Minister Nirmala Sitharaman's announcement, the who's who of India Inc welcomed the measure. They said that the tax cuts will bring in more investment.4. Nobody interferes with RBI's decision making, says Shaktikanta Das
"Government policies take time to play out and unfold. But at the RBI, the market reacts very fast when a Governor or a deputy governor says something. So the responsibility is far higher," said RBI Governor.5. Jio Studios to release one movie every week under 'First Day First Show'
Reliance Jio is waiting to get a critical mass of 10-15 films and 20 million broadband-connected homes to begin 'First Day First Show' service. The cost of the movies is expected to be in the range of Rs 15-20 crore.