Deduction in corporate tax will bring investment and create new jobs: Nityanand Rai

Ranchi: Union Minister of State for Home Affairs Nityanand Rai has claimed that with deduction in corporate tax investment will increase in the country which will create new jobs.

Addressing a press conference at the party headquarters of the BJP here he outlined the benefits of deduction in corporate tax and said that it will also lead to an increase in production and income which will ultimately lead to development of the country. He said that for the strengthening of the economy the central government has reduced the taxes.

Rai said that such companies which are not taking any incentives for them the income tax rate has been reduced from 30 to 22 percent while such companies which are availing the tax their alternative tax has been reduced from 18.5 per cent to 15 percent and now these companies are spending two percent of the funds under CSR for research.

He also heaped praise on Raghubar Das government of the state claiming that it was fulfilling the aspirations of the people and was implementing the development schemes. During the press conference state general secretaries of the party Sunil Singh and Deepak Prakash were also present.

He said that Modi Economy is Decentralization Economy while Congress was synonymous with the capitalist economy which ensured that in 60 years of rule the Congress could not remove poverty. On the other hand, after Narendra Modi came to power in 2014 the focus was on decentralization of economy due to which even the person standing on the last row of the society has now come in the mainstream of development.

He said that developing India was now on its way to become a developed India. Rai said that due to the bank mergers no jobs will be lost but it will be beneficial. He said that banks are being given Rs 70,000 crore so that they can give loans worth Rs 5 lakh crore which will benefit corporate sectors and retailers.