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Business News

Nov 18, 2019

Government has been taking steps to increase GDP growth rate: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday that the Government has been taking steps to increase the country’s GDP growth rate. The corporate tax has been cut to 15 per cent for new domestic manufacturing companies which is amongst lowest in the world. This complements a cut in the repo rate by 135 basis points during 2019 by the Reserve Bank of India. Banks have been mandated to link their lending rates with external benchmarks for reducing the cost of capital for investors.

The Minister said, as per the National Statistical Office, the country’s GDP growth was 7.5 per cent in 2014-19. This is the highest amongst the G-20 countries. In the last five years, the government has implemented major reforms to build up the investment climate in the country so as to become a five trillion US dollar economy. Introduction of the Insolvency and Bankruptcy Code in 2016 was a significant step to clean and strengthen the country’s financial system. Implementation of the Goods and Services Tax in 2017 stands out as the most important measure for improving the ease of doing business in India. 

The Finance Minister emphasized that the Make-in-India programme is a major initiative to increase the country’s indigenous capacity to produce world-class goods and services. Inflation has been kept low, fiscal spending disciplined and current account deficit kept under manageable limits to ensure macroeconomic stability, the Minister added.

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