Unleash animal spirits; make India fastest growing economy: FM Sitharaman to industry

Union Finance Minister Nirmala Sitharaman on Saturday, February 20, urged India Inc to pump in fresh investment to make India one of the fastest-growing economies in the world.

Speaking to industry honchos at an All-India Management Association (AIMA) event, the FM reiterated that the Centre has ensured myriad steps comprising 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," said FM Sitharaman.

Celebrated economist John Maynard Keynes coined the expression 'animal spirits' which refers to investors' confidence in taking action in terms of investment.

"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," the finance minister added.

Post-tax reduction, she said, "I've been waiting to see expansion happening, I've been waiting to see greater investments from the private sector in India."

The government in September 2019 slashed the corporate tax rate by almost 10 percentage points to revive growth.

(With PTI inputs)

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