Sep 20 (Lagos) - Indian stock markets rose sharply after the government led by Prime Minister Narendra Modi introduced an ordinance to cut corporate income tax for domestic companies to 22%. This is a historic decision which is being lapped up by foreign investors. These steps came after the government came under criticism for GDP growth falling to 5% which is way above what most countries in the world are recording.
Ever since Modi became India's Prime Minister the country's stock market has more then doubled and continues its meteoric rise along with the rising living standards in the country.
The government has taken alot of steps to boost growth as well. One of the measures is that foreign investors do not have to pay capital gains taxes when they pull funds out of Indian markets. This is a major step towards welcoming investors to keep staying invested for longer.
The Federal Government of Nigeria needs to pay attention because this is how you can attract investors and not by raising every possible tax and choking investment climate in the country.
The recent increase in bank charges is unprecedented and all the talk of increasing VAT and other taxes are sure ways of keeping foreign investors away.
Nigeria needs to follow the Indian model. The Indian stock markets are so hot that PM Modi is heading to Houston this weekend to have a joint rally to address the Indian dispora at an event which will also be attended by US President Donald Trump.
reporting for easykobo.com on Friday, Sep 20 2019 from Lagos, Nigeria