Asian stocks higher as India slashes taxes, China cuts new interest rate

Beijing, Asian stocks were mostly higher on Friday after China and India took steps to shore up economic growth.

India’s benchmark Sensex index surged 5.3per cent, after a cut to the country’s corporate tax rates sent its markets spiking. Indian companies will be taxed at a rate of 22 per cent instead of 30 per cent, the government announced Friday.

The Chinese central bank revamped the LPR last month in a long-awaited reform to the way it manages money to support growth. Its aim is to make it cheaper and easier for companies to borrow.

The LPR, which will become the new benchmark for banks to price loans, is supposed to better reflect changes in market rates.

Source: Jordan News Agency