India to see heavy foreign investment in next two years: Anurag Thakur

India will see heavy foreign investment in next two years following government's decision to cut corporate tax rates, Union Minister of State for Finance and Corporate Affairs Anurag Thakur said on Friday. "Modi government has taken a historic decision of cutting corporate tax which previous Congress governments failed to do," Thakur said on sidelines of a customer outreach programme (COP) organised by State Bank of India (SBI).

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Thakur on Corporate Tax cut and employment

Corporate tax rates have been cut so that India can become a destination for foreign firms for investment, he ded. Expressing dismay over senior Congress leer Anand Sharma's statement that cut in corporate tax would benefit only big firms, Thakur said all sections welcomed rate cut and a number of foreign firms have promised to invest in India after it. youth of country will get employment with foreign investment, he ded. Earlier dressing garing at function, Thakur said that Manmohan Singh-led United Progressive Alliance (UPA) government h given loans of Rs. 58 lakh crore from 2009-14. Subsequently, several businessmen who h been given huge loans fled country, he ded.

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On or hand, Narendra Modi-led National Democratic Alliance (NDA) government brought Insolvency and Bankruptcy Code (IBC) and b loans of Rs. 1,31,000 crore have been recovered so far since IBC came into effect in 2016, he said. Out of 12 big cases of b loans, seven have alrey been disposed of, he ded. minister also handed over loan sanctioning documents to beneficiaries.

"Only a single bank has given loans to about 500 people, or banks will also provide loans to several persons. Thousands of people will get loans in this COP. In this way, money will be circulated in market which will help in overcoming slump," he said.

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Thakur on banks in Himachal Presh

banks in Himachal Presh are holding COPs at five places — Shimla, Solan, Hamirpur, Mandi and Kullu district — from October 3 in first phase following directions of Finance Ministry. Thakur said that objective behind holding such programmes is to make people aware of loan and or facilities being given to m by banks on behalf of Central and State Governments. He informed that such fairs are being organised in as many as 450 districts of country, which is a record. Minister appealed to people to make full use of facilities being provided by banks.

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