The Modi government announcing arguably its most decisive step in combating a slowdown that has taken the country’s GDP growth rate down from 8% to a six year low of 5%. Corporate tax rates in India were among the highest in the world at 35%, have been slashed to around 25%; a drop of 10% for existing companies. New companies that are incorporated in October 2019 which are involved in manufacturing will benefit even further. But the move will cost the government Rs 1.45 lakh crores, the amount of revenue it will have to forego. The big question now, will this move be enough to revive the animal spirits in the economy?
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