Tata Steel welcomes proposal to reduce corporate tax

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Tata Steel has welcomed Union Finance Minister Arun Jaitley’s proposal to reduce corporate tax to 25 per cent in the next few years.

The proposal to do away with various types of foreign investment caps and replace them with a composite cap is also welcome as the budget seeks to provide an environment that attracts investment in industry and propels economic growth, Tata Steel said in a press statement.

The Rs 70,000 crore earmarked for the infrastructure sector, too, augers well for sectors such as steel and cement.

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