Union Minister of State for Home Affairs Nityanand Rai Tuesday said that the Narendra Modi government has decentralized the finance system unlike the previous Congress governments and the country is marching forward towards becoming a developed one.
The Centre, he said, has taken historic steps to strengthen the economic system.
Reduction in corporate tax will help companies increase their investments, generate new jobs and increase in production and increase in income would help the country progress faster, he said.
The merger of banks will be beneficial, he said.
The Congress party had capitalistic finance system, and the result is that during its 60-year rule it could not eradicate poverty in the country. "But from 2014, Modiji has given stress upon decentralized financial system with Saab ka Saath, Saab ka Vikas. The last person standing in the line is (also) connecting with development, he told a press conference here.
"India has emerged out of its developing country status and is marching towards becoming a developed country," he said.
Housing, toilets, LPG cylinders, electricity and healthcare are being given to every family. With the efforts of the government, the income of the farmers will be doubled by 2022, Rai added.