Union Minister Dharmendra Pradhan on Sunday asserted that the slew of measures including tax sops unveiled by the Centre will boost investment and growth and will transform the Indian economy into five trillion dollar strong.
Hailing the cut in corporate tax by the government as a big structural reform measure, the Petroleum and Steel Minister told reporters that the move will attract investment, spur economic activities and create job opportunities.
Pradhan said India was hit hard by global economic downturn, trade war between the US and China and attack on oil installations abroad. "However, inflation in our country is well under control despite adverse international economic scenario due to effective fiscal management," he said.
"Benefits of a host of reform measures taken by the Centre recently to make Indian economy a five trillion USD strong and accelerate economic growth will be felt soon at every level," the Union Minister said.
In the next five years, Rs 100 lakh crore will be injected into sectors such as roads, railways, waterways and airways to strengthen infrastructure, Pradhan said adding "it will strengthen the economy at the grassroots and pave way for a five trillion USD economy."
The Union Minister further said that the GST Council has also announced rate cut on several items to address the slowing economy. All GST rates will be effective from October 1, he said
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