As the country struggles to gulp the fall in the GDP growth rate and the ongoing economic slowdown, finance Minister Nirmala Sitharaman lauded government’s move to cut corporate tax rate saying, it is a historic initiative.
“To spur investment and industrial growth for fulfilling the target of 5 trillion dollar economy, the Modi government reduced Corporate Tax rates to among the lowest in the world in a historic move. #6MonthsOfIndiaFirst (sic),” Nirmala Sitharaman tweeted.
To spur investment and industrial growth for fulfilling the target of 5 trillion dollar economy, the Modi government reduced Corporate Tax rates to among the lowest in the world in a historic move. #6MonthsOfIndiaFirst
— NSitharamanOffice (@nsitharamanoffc) November 30, 2019
The finance minister’s tweet comes a day after government presented country’s gross domestic product growth (GDP) rate for the July-September quarter, a six-year low at 4.5 percent.
In a series of tweets, the union minister congratulated Prime Minister Narendra Modi for successfully completing six months in office for the second term.
Before the GDP growth rate was presented, the minister, during a session on economic situation in the upper house of the Parliament said, even the growth in the economy has slowed down but there is no recession.
But the GDP growth rate report states a different story where the numbers have fallen at a worrisome rate i.e. from 5 percent to 4.5 per cent.
Former prime minister Manmohan Singh slammed the Modi led government for the results of the report. Singh said, “The sharp decline of GDP from 5% in Q1 to 4.5% in Q2 is worrisome. Mere changes in economic policies will not help revive the economy.”
(With input from agencies)