India to see heavy foreign investment in next two years: AnuragPTI | Shimla | Updated: 04-10-2019 18:01 IST | Created: 04-10-2019 18:01 IST
India will see heavy foreign investment in the next two years following the government's decision to cut corporate tax rates, Union Minister of State for Finance and Corporate Affairs Anurag Thakur said on Friday. "Modi government has taken a historical decision of cutting corporate tax which the previous Congress governments failed to do," Thakur said on the sidelines of a customer outreach programme (COP) organised by the State Bank of India (SBI) here.
Corporate tax rates have been cut so that India can become a destination for foreign firms for investment, he added. Expressing dismay over senior Congress leader Anand Sharma's statement that cut in corporate tax would benefit only big firms, Thakur said all the sections welcomed the rate cut and a number of foreign firms have promised to invest in India after it.
The youth of the country will get employment with the foreign investment, he added. Earlier addressing the gathering at the function, Thakur said that the Manmohan Singh-led United Progressive Alliance (UPA) government had given loans of Rs 58 lakh crore from 2009-14.
Subsequently, several businessmen who had been given huge loans fled the country, he added. On the other hand, the Narendra Modi-led National Democratic Alliance (NDA) government brought Insolvency and Bankruptcy Code (IBC) and bad loans of Rs 1,31,000 crore have been recovered so far since IBC came into effect in 2016, he said.
Out of the 12 big cases of bad loans, seven have already been disposed of, he added. The minister also handed over loan sanctioning documents to beneficiaries.
"Only a single bank has given loans to about 500 people, other banks will also provide loans to several persons. Thousands of people will get loans in this COP. In this way, money will be circulated in the market which will help in overcoming the slump," he said. The banks in Himachal Pradesh are holding COPs at five places -- Shimla, Solan, Hamirpur, Mandi and Kullu district -- from October 3 in the first phase following the directions of the Finance Ministry.
Thakur said the objective behind holding such programmes is to make people aware about loan and other facilities being given to them by banks on behalf of the central and state governments. He informed that such fairs are being organised in as many as 450 districts of the country, which is a record.
The minister appealed to the people to make full use of the facilities being provided by banks.