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

Hasina’s Defiant Words Before Ouster

Reportedly before leaving Hasina wanted to record a farewell speech to be aired on television, but military officials declined….reports Asian Lite News Following a violent student uprising last year, the Bangladeshi military

FS Misri in US to Boost Tech, Trade Ties

The meeting, held in Washington, focused on strengthening existing frameworks and building momentum on key tech and trade initiatives…reports Asian Lite News Foreign Secretary Vikram Misri on Wednesday (India time) met with

Activists Targeted Again in Balochistan

The Baloch Yakjehti Committee (BYC) on Tuesday condemned the enforced disappearance of Baloch leader Ghani Baloch, blaming Pakistan’s Law Enforcement Agencies and Frontier Corps….reports Asian Lite News The Baloch Yakjehti Committee (BYC),

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

India Targets Pak Terror Ties in Guyana

The delegation met the Guyanese President, Mohamed Irfaan Ali, who had hosted a dinner to celebrate friendship and shared aspirations between the two nations…reports Asian Lite News Congress leader Shashi Tharoor, currently
Go toTop

Don't Miss

Maharashtra MLC biennial polls to be another thriller

Leader of the Opposition Devendra Fadnavis exuded confidence that akin

Tharman Pledges To Build ‘Future Of Optimism’

Tharman Shanmugaratnam received a resounding mandate with a whopping 70.4