July 24, 2024
1 min read

UKIBC Hails India’s Economy as Most Exciting

The UKIBC hailed the Modi government’s proposal to reduce the corporate tax rate on foreign companies from 40 to 35 per cent…reports Asian Lite News

Calling India the most exciting economic story in the world, The UK India Business Council on Wednesday congratulated Finance Minister Nirmala Sitharaman and the government for an emphasis on facilitating foreign investments and commitment towards fiscal stability in the Union Budget 2024-25.

The UKIBC hailed the Modi government’s proposal to reduce the corporate tax rate on foreign companies from 40 to 35 per cent and looks forward to continued progress towards parity.

“UKIBC welcomes the announcement on corporate tax reduction for foreign firms, which provides great encouragement to foreign investors. Continued progress towards a level playing field for all investors will help unlock higher levels of international investment in India,” said Richard McCallum, Group Chief Executive Officer, UK India Business Council (UKIBC).

The policy advocacy group said it is also encouraged to note the announcement on foreign direct investment (FDI) and look forward to the details once finalised and published.

“The Indian government has laid down an ambitious plan for ‘Viksit Bharat’ (Developed India) by 2047. The UKIBC and our members strongly support this agenda and can play a strong role across key priority areas such employment and skilling, energy transition, manufacturing, and R&D, among others,” the Council noted.

These are areas in which many UK companies are already invested and actively engaged in India, often working with brilliant Indian partners. A continued focus on policy and ease of doing business-related reform will help unlock increased private investment, including from the UK.

“We also commend the Indian government’s strong economic growth promotion while at the same time delivering fiscal stability and inflation management,” said the Council.

McCallum said, “India is the most exciting economic story in the world today. We see India not simply as a market but as a strategic partner — part of our R&D chain, technology chain, talent chain and supply chain.”

ALSO READ: Budget showers special attention to Bihar, Andhra

Previous Story

Move to do away with angel tax positive news for startups  

Next Story

UK Foreign Secretary David Lammy Lands in New Delhi

Latest from -Top News

GAZA KILLINGS: War Crime?

Mobile Phone Footage Casts Doubt on Israeli Account of Ambulance Attack in Gaza Newly surfaced mobile phone footage has raised serious questions about the Israeli military’s justification for opening fire on a

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Uganda, South Sudanese leaders hold talks

Museveni, who is among the guarantors of a 2018 peace agreement that ended a five-year civil war, held closed-door discussions with President Salva Kiir Uganda’s President Yoweri Museveni was expected to meet

Protests across US against Trump

The largest event was at the National Mall in DC, where demonstrators numbered in the tens of thousands People across the US took to the streets on Saturday to oppose what left-leaning

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that
Go toTop

Don't Miss

‘Do I look like a goonda or mafia?’

Dimple Yadav, the daughter-in-law of former Chief Minister late Mulayam

Labour unions seek tax relaxations, higher pension

In pre-budget meeting with Finance Minister Nirmala Sitharaman, Labour unions