Yogi: UP to gain fromcorporate tax slash

: Chief minister Yogi Adityanath on Sunday hailed the Narendra Modi government’s decision to slash corporate tax, saying 20 percent of incremental FDI is likely to flow in Uttar Pradesh due to reduction in corporate tax.

Union finance minister Nirmala Sitharaman had announced tax cuts on Friday which she said would help new domestic manufacturing companies along with existing ones.

“UP stands to gain immensely from the decision as we have already prioritised key areas like skill development, making it employment oriented. We hope to provide direct and indirect employment to 20 lakh people every year in various industries. “According to the strategy to facilitate the opportunities arising in Uttar Pradesh, suitable land banks will be made available for the industries. For this, land of sick state PSUs will be used in addition to the notified areas of industrial development authorities,” Adityanath said.

He was addressing a press conference at IIM-Lucknow on Sunday on the impact of corporate tax cut decision.

He said due to effective coordination there had been considerable improvement in the debt deposit ratio of the banks of the state, which has resulted in smooth availability of credit facility to the industries.

He also said in line with the goals of sustainable development and bringing all the regulatory departments under the ‘Ease of Doing Business’, all the approvals were now being placed online on the Nievsh Mitra Portal. “Unnecessary procedures have been reduced for convenience,” he said.

First Published: Sep 22, 2019 23:22 IST