AGARTALA, Sep 24 (TIWN): “India is now lowest in Corporate Taxes’ rates. Corporate Tax was highest earlier in 2014 as UPA Govt burdened the country with Crisis, Debts. But now India’s poverty level is controlled, which has been accepted by the US President too. Many have developed into middle class form poverty level”, said Tripura Chief Minister Biplab Deb while backing tax reduction for the corporates by Union Finance Minister Nirmala Sitharaman.

While addressing media at the Civil Secretariat, Chief Minister Biplab Deb said, “Prime Minister Modi has taken the historical decision to develop economy of the country more, when world economy was going slow. In 2014, when PM Modi assumed power then corporate tax was highest because due to UPA Govt’s 10 years, economic situation was pathetic but now it has developed and ease to relax”, said CM adding, “It will increase investments”.

“After PM Modi’s regime kicked off various schemes were launched for the poor, farmers. Those all schemes were strengthening the poor. Now poor have become middle-class at a huge number which US President also agreed. Now world-wide economic crisis going on and relation between US and China is bad. As a result those who were in US are leaving that country and in case of China it is same. US companies are quitting there”, said Deb.

“Time to time various developed countries downed corporate taxes. But seeing the current economic situation this decision was taken. Now India is having the lowest tax for investors which will benefit us. All will invest for India. Now 10 to 11 percent taxes are downed”, he said.

He said it will bring 7 to 8 lakhs crores of investments.

"There is global slowdown. The Indian economy is no longer local, it has become global. The budget is not static. One needs to take decisions from time to time to address issues," he said.

“Such a decision would lead to a quantum jump in investments and employment generation. It will also protect the Indian economy from the vagaries of the global slowdown and provide a major edge in international trade”, he said.

He also mentioned how the sensex went with high records after the announcement.