New Delhi: The corporate sector welcomed the first full-fledged Budget of the Narendra Modi government presented by Finance Minister Arun Jaitley on February 28. The government has reduced the corporate tax from 30 per cent to 25 per cent for four years.
Welcoming the Budget, The Muthoot Group Chairman MG George Muthoot said, "The Budget presented by the Honourable Finance Minster Mr Arun Jaitley is progressive and lays special emphasis on uplifting the people at the bottom of the pyramid."
He said that the government has reiterated its commitment to increasing access of people to formal financial system. "By 'funding the unfunded' and with schemes that promote social security, the Government is reaching out to the vast majority who remain untouched by financial security or insurance," he said.
"We welcome the decision to consider NBFCs as 'financial institutions' under the SARFAESI Act and besides spreading financial inclusion, it is also important to empower our youth through training and skills development. I specially welcome the government's move to increase employability of the rural youth through appropriate training and higher education assistance," he added.
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