In a surprising and bold move the government has announced a reduction in the corporate tax rate from 34% to 25.17% effective FY20 thereby fulfilling its key agenda of implementing the Direct tax Code (DTC). This is a massive trigger for revving up growth and, more importantly, resurrecting the equity market sentiments which were largely beaten down. The immediate benefit of this reduced tax rate will be seen in increased cash flows to corporate India that will be either be channelized into debt reduction or incremental investments in increasing fresh capacities....