In a surprise and largely unanticipated move and perhaps the biggest by Prime Minister Narendra Modi-led NDA government in its second term, it has slashed corporate taxes with an aim to revive private investment. It also seeks to lift growth from a six-year low that has led to job losses and has fuelled discontent in the hinterlands.

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Now, corporate tax rate will be slashed to 22 per cent for domestic companies and 15 per cent for new domestic manufacturing companies. A slew of other fiscal reforms are also likely to be introduced.The total revenue foregone for the reduction in corporate tax rate and other relief is estimated at a whopping Rs 1,45,000 crore.