Make India one of the fastest growing economies; bring in fresh investments: FM to India Inc

Finance Minister Sitharaman
Finance Minister Nirmala Sitharaman

Speaking to industry leaders at All India Management Association event on Saturday, Finance Minister Nirmala Sitharaman asked India Inc to unleash animal spirits and bring in fresh investment to make India one of the fastest growing economies of the world. She added that the government has taken several steps including reduction in corporate tax rate to facilitate investment.

“I would like now, to see private investors and private industry in India coming forward with that, so called animal spirits to show that it is possible for India (to be) one of the fastest growing economies,” the FM said. Also Read: India now “net creditor” with forex reserves of $590-bn, says MoS Anurag Singh Thakur

The expression animal spirits’ was coined by celebrated economist John Maynard Keynes to refer to investors’ confidence in taking action in terms of investment, said the PTI reports.

“We need capacities to be ramped up, we need expansion, we need more production of very many such products, which are so required for the economy,” she said. Also Read: India emerging as preferred investment destination: Foreign investors pump in Rs 19,473 cr into Indian equities, pull out Rs 4,824 cr

Post tax reduction, she said, “I have been waiting to see expansion happening, I’ve been waiting to see greater investments from private sector in India.” 

To revive growth, the government in September 2019 slashed corporate tax rate by almost 10 percentage points. Also Read: Centre transfers Rs 6,000 cr to states to meet GST compensation shortfall

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