Nirmala Sitharaman today announced a big bang reform that has come as a major delight to the Indian economy. Corporate tax has been reduced from 30 percent to 22 percent for existing companies and to 15% for new manufacturing companies.

This decision is expected to make India one of the most competitive world economies in the long-run. Uday Kotak said that reducing the corporate tax rate is big bang reform. "It allows Indian companies to compete with lower tax jurisdictions like the US. It signals that our government is committed to economic growth and supports legitimate tax abiding companies," he added.

Columnist Karan Bhasin hailed the move, saying that the "corp-tax cut will leave more money with firms to invest; create more jobs for the poor. It will lead to the creation of adequate non-farm opportunities and reduce the burden on agriculture".

Economic commentator MK Venu, too, is optimistic. "Foreign companies wanting to relocate to India with new investments will pay only 15% corporate tax now. This is a huge incentive for global companies to come to India at a time when trade wars are disrupting investment decisions. Indian tax regime is level with East Asia now," he said.

In no time, the stock markets responded with pulsating energy. "The nearly 7% surge today has increased the total value of India’s listed stocks by $140 billion (Rs 10 lakh crore) in a matter of hours. The magic of bold reform," said Minhaz Merchant.