Newmai News Network
Imphal | September 21
Manipur Chief Minister, N Biren Singh claimed that the growth rate of Gross State Domestic Product (GSDP) has doubled from 4 percent in 2016-17 to 8 percent in 2018-19. Biren said this during the press conference held at the Chief Minister's Secretariat in Imphal on September 21.
Briefing the media persons, the Chief Minister stated that the State owned Tax revenue has steeply increased from 587 crore in 2016-17 to above 1000 crore in 2018-19.
Such result shows that with the advent of the present government there is economic growth in the State, he added.
Such pace of development and growth would transform Manipur into an advanced state in near future. He opined that the government could achieve such result with the love, support and co-operation of the people of the State.
The Chief Minister maintained that the influx of foreign tourists into the state has been drastically increased from 500-600 tourists per year in 2015-16 to above 1000 tourists per month these days.
He added that the government was planning to legalise Cannabis solely for medicinal and industrial purposes, for which the State Cabinet would discuss the matter in the next Cabinet meeting.
He also mentioned that other states like Arunachal Pradesh, Uttar Pradesh and Uttarakhand have already legalised Cannabis for medicinal purposes.
The Chief Minister then announced that under the 'Start-up Manipur' scheme, a new program called 'Stand-up Manipur' would be introduced to provide soft loans to SC, ST, OBC, Minority entrepreneurs of the State.
A Facilitation Cell for enabling SC/ST/OBC/Minority entrepreneurs to provide information and assist the entrepreneurs belonging to weaker sections for availing the projects under various schemes of Government of India, he added.
Expressing the historic step taken by the Union Finance minister, Nirmala Sitharaman on corporation tax rate cuts, the Chief Minister said that all domestic companies would be allowed to pay corporation tax at the rate of 22 percent which was earlier 30 percent.
Any new domestic manufacturing company, incorporated on or after October 1, 2019, will be allowed to pay corporation tax at the rate of 15 percent, he added. He also said that no tax on buyback of shares in case of listed companies which have already made a public announcement of buyback before July 5, 2019.
The Chief Minister also mentioned that there would be an expansion in the scope of CSR activities. The companies can now spend 2 percent of the money on State or Union government incubators, PSUs, state universities, IITs, public-funded entities, he added.
