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Corporates used tax cut to trim debt, not for capex: RBI

Aug 26, 2020 16:37 IST

The sharp cut in corporate tax rate announced by the government last September did not help in restarting the capex cycle as was intended, but has been used by firms to reduce debt and build up cash balances, the Reserve Bank of India said in its latest annual report. As investment activity has further weakened in the economy, the RBI has suggested 'targeted public investment' funded by asset monetisation and privatisation of major ports as a viable way to revive the economy.

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