Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.


Stock Analysis, IPO, Mutual Funds, Bonds & More

Government committed to nurturing private sector, achieving 8 per cent growth doable: NITI

The growth in economy had slipped to a low of 5 per cent in April-June, 2019-20, the lowest in last 25 quarters.

Sep 20, 2019, 08.01 PM IST
Getty Images
New Delhi: Amid pessimism over the GDP growth slipping to six-year low in June quarter, NITI Aayog Vice Chairman Rajiv Kumar on Friday said the government is committed to nurturing private sector and achieving 8 per cent growth annually is doable.

The growth in economy had slipped to a low of 5 per cent in April-June, 2019-20, the lowest in last 25 quarters.

Kumar also lauded the government's decision to cut the corporate tax rate, and exuded confidence that investors will take advantage of the measures announced by Finance Minister Nirmala Sitharaman.

"The finance minister's announcement that those who invest between October 1, 2019 to March 31, 2020, their tax rate will only be 17 per cent and with the surcharges about 25.17 per cent, that's a huge incentive," Kumar said on the sidelines of an event organised by Public Affairs Forum of India (PAFI).

He hoped the investors will take advantage of these measures and those who have been waiting on the fence will now jump to make investments.

"I think this is a historical day and it shows the commitment of this government to promote and nurture private sector and that it believes that private enterprises will take the industry forward which will take the economy forward.

"Industry is of the view that double digit growth is not only achievable but necessary. So, 8 per cent growth is easy (to achieve)," he added.

To a query on Rs 1.45 lakh crore revenue impact of Sitharaman's announcements, Kumar, an economist himself, exuded confidence that the government will maintain the fiscal discipline and make sure there are no slippages.
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service