Finance minister Nirmala Sitharaman on Saturday asked India Inc to invest in the sunrise sectors of the economy so that a virtuous cycle kicks in at a time when the government has extended the benefit of lower corporate tax rate to new manufacturing units by one more year till March 2024.

“There are many sunrise sectors where India has taken the lead such as vaccines, genomics, space, atomic energy etc. India has proven its prowess in adoption of digital and the start-ups are an enabling force for innovation and new ideas.

“The corporate sector should not lose this opportunity for higher growth,” Sitharaman said.

Referring to the government’s decision to cut corporate tax rate, she said, the government has also opened up many sectors, including atomic energy and space.

The government in September 2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent. New manufacturing companies have to pay at an even lower corporate tax rate of 15 per cent.