By Bhupen Goswami

Guwahati : Assam Chief Minister Sarbananda Sonowal said thatthe recent cut in corporate tax will benefit the manufacturing sector in the North-East and lead to growth and employment opportunities in the region. Sonowal told a Press conference that the cut in corporate tax is a “historic step” and will provide golden opportunity to the manufacturing units of the region, where the corporate sector is looking for chances of investment. “This (corporate tax cut) is the biggest decision on the economic front taken in India during past 28 years. I want to thank Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the bold step… The common people will be the biggest beneficiaries of the corporate tax cut. The domestic manufacturing sector will receive a big boost from it… The corporate houses will now have the incentive to invest more and expand their units,” he said. Sonowal added that it will help achieve India’s target of becoming a USD 5 trillion economy by 2024 and also encourage the ‘Make in India’ initiative. “Exports will grow.

There will be more employment generation. People’s income will increase and so will savings. It will make India one of the major manufacturing hubs of the world. It will boost the economy, employment and entrepreneurship,” he said. Sonowal said Assam and the Northeast, being located in close proximity to the ASEAN countries, will also benefit from the Central government’s decision to slash corporate tax rates. He said the northeastern region has gained a lot on the economic front since the Narendra Modi-led NDA regime took office.The State has been able to draw investments to the tune of Rs 52,000 crore so far as part of the various MoUs signed with investors during the ‘Advantage Assam’ Global Investors Summit held here last year, Chief Minister Sarbananda Sonowal said here today. Addressing a press conference, Sonowal said the Centre’s recent decision to cut corporate tax will turn out to be a game changer resulting in major boost in investments, creation of industries and employment opportunities in the country, including the northeastern region.

The Chief Minister said 240 MoUs, worth over Rs 80,000 crore, were signed during the Advantage Assam summit. He said Rs 42,000 crore worth investments in the oil and gas sector and another Rs 10,000 crore worth of investments in the ‘private sector’ have been grounded so far. Sonowal said that 117 new manufacturing units have come up in the State as per agreements entered into during the summit. Terming the recent decision of the Central government to reduce corporate tax as “historic”, Sonowal said that the step will bring immense benefit to the country’s economy.Sonowal said Assam and the Northeast, being located in close proximity to the ASEAN countries, will also benefit from the Central government’s decision to slash corporate tax rates. He said the northeastern region has gained a lot on the economic front since the Narendra Modi-led NDA regime took office. “Now all the northeastern states have formulated their own industrial and investment policies… Our interactions with the ASEAN countries have accelerated under the government’s Act East policy… Now Assam’s agricultural and horticultural products are being exported to major global markets,” he added. He said that direct flights between Guwahati and Dhaka, and Guwahati and Singapore have already started and in coming days more destinations in Southeast Asia will be covered. The Chief Minister, however, did not take any questions from the media during the event.Referring to Assam, Sonowal said 240 MoUs worth Rs 80,000 crore was signed at the Advantage Assam Investment Summit organised by the State Government in 2018.he added.