Finance Minister To Design Blueprint To Attract MNCs

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  • FM will make a blueprint with which she will approach them and put forward to them as to why India is a far more preferable destination
  • She stated that IMF should provide solutions that are specific to important growth geographies to help alleviate the current conundrum

According to a recent report by LiveMint, Finance Minister Nirmala Sitharaman is all set to prepare a plan to woo multinational companies seeking to shift production to countries outside of China because of trade tensions.

Sitharaman told reporters that she will identify those multinational corporations, American, European or British origin, who are moving out of China or who probably are even contemplating. She will make a blueprint with which she will approach them and put forward to them as to why India is a far more preferable destination.

She told some reporters in Delhi that there’s a higher chance that those companies which are moving out those investments which want to get out to China will certainly look at India.

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IMF should provide solutions

She further stated that the IMF should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies.

Earlier this month, Sitharaman slashed the effective corporate tax from 30 percent to 25.17 percent, inclusive of all cess and surcharges for domestic companies. Not only this, but Sitharaman also announced that new domestic manufacturing companies incorporated after October 1 will pay the income tax at the rate of 15 percent.

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