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Reduction of Corporate Tax from 40 per cent to 35 per cent; and the removal of Angel Tax among other measures that would promote India-US economic engagement -- Prof. Krishnamurthy Subramanian, ED, IMF
New York: Reduction of corporate tax in the 2024 Indian Budget and removal of Angel Tax are among the measures that will promote India-US economic engagement, according to a leading Indian economist. Executive Director at the International Monetary Fund (IMF) Prof. Krishnamurthy Subramanian addressed a gathering of the business community and investors on the Union Budget 2024-25 at an event organised by the Consulate General of India in New York here in collaboration with the US-India Strategic Partnership Forum (USISPF).
Subramanian highlighted the reduction of Corporate Tax from 40 per cent to 35 per cent; and the removal of Angel Tax among other measures that would promote India-US economic engagement, a post by the Consulate on X said.
Lauding the budget, Subramanian described it as one that would strengthen the foundations of India’s economy, foster inclusive development by strategically advancing the vision of ‘Viksit Bharat’, Developed India @2047, the 100th year of its independence, a press release by the Consulate said.
He pointed out that the India-US partnership is at present at an important juncture and it would further strengthen in the coming years, benefitting both the nations.