Blitz Bureau
NEW DELHI Calling India the most exciting economic story in the world, The UK India Business Council (UKIBC) on July 24 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.
