Fadnavis calls corporate tax rate cut `historic' move

Maharashtra Chief Minister Devendra Fadnavis on Friday hailed the Union government's decision to slash the corporate tax rates as a historic step for boosting economic growth. Two-and-half-months after presenting Budget, finance minister Nirmala Sitharaman on Friday announced a reduction in corporate tax rate by almost 10 percent to 25.17 percent to bring them on par with Asian rivals such as China and South Korea, hoping to boost demand and investments.

"Mumbai, the Financial Capital of India & entire Maharashtra is thankful to Hon PM Narendra Modi ji & FM Nirmala Sitharaman ji for yet another historic step to boost the economic growth of our Nation," Fadnavis tweeted. The decision will attract private investment resulting in more job creation and economic development, he said.