Maharashtra Chief Minister Devendra Fadnavis on Monday said the Centre's decision to cut corporate tax rates will immensely benefit Mumbai as it contributes 35% of the total corporate tax collections in the country. Fadnavis thanked the Prime Minister Narendra Modi and the Union Finance Minister Nirmala Sitharaman on the move to reduce the corporate tax.
"The decision will immensely benefit Mumbai and Maharashtra as 35% of the corporate tax in the country goes to the exchequer from Mumbai," he said at a press conference. He added that the decision to cut the tax rates will make India the most preferred investment destination in the region.
Amidst ongoing trade war between China and the US, many companies are going towards South Asia. They can come to India. "Economists had been demanding that to achieve the target of $5 trillion economy corporate tax had to be reduced. We believe now many more companies will come to India and Maharashtra, which is the manufacturing hub of the country," he said.
Fadnavis said there are many companies which have come to the state and have made investments of about Rs 9,000 crores in recent times. Many companies will get benefits due to reinvestment after the move and this will create employment and dividends will rise eventually bringing a rise in the market.
On the government's decision to consolidate 10 banks into four banks, Fadnavis said it has led to increase in their lending abilities and rise in profit and reduction in losses. The Centre's move to infuse Rs 70,000 crores in nationalised banks will help rise in ability of lending in the bank's to Rs 5 lakh crores, he added.
On the issue of Aarey forests, Fadnavis reiterated that of the 13,000 objections and complaints that were received, 10,000 came from one IP address of a Bangalore. ''We have also said that the HC order has come, NGT order has come and it was found that it wasn't an eco-sensitive site. The matter is being currently heard by the Bombay high court," he noted.
Fadnavis said the Centre's move to revoke article 370 from Jammu and Kashmir is the party's agenda in the state assembly election. "Why it should not be on the agenda, be it the election of any country, nationalism is the agenda. Article 370 is about the integrity of our country and one of our agenda and it will remain on our agenda," he said.