Minister of State for Finance Anurag Thakur has said India's economy is structurally and fundamentally very strong and the current slowdown, which is cyclical in nature, will not affect it much. He mentioned said Narendra Modi-led government has taken several steps to boost the Indian economy.
He further exuded confidence that India would achieve the target of becoming $5 trillion economy by 2024-25. He stated that government has taken each such step which will boost the economy. Nobody could ever have imagined that the corporate tax rate will be slashed. Modi government did that in order to attract more investments into India.
He added, currently, India has become an attractive investment destination in the world. When more investment takes place, the economy will expand and it will also boost employment generation. Besides, India’s economy had expanded at its slowest pace in over five years for the first quarter of fiscal year 2019-2020. The gross domestic product (GDP) growth rose just 5% for the quarter ended June 2019, in a development that reinforces concerns over a slowing down of the Indian economy.
