Centre determined to make India third-largest economy by 2025: Anurag Thakur

Union Minister of State for Finance Anurag Thakur on Sunday said the Central government is determined to make India the third-largest economy by 2025.

"The economy is constantly improving. We have also announced the corporate tax rate cut. The most attractive tax rate worldwide is to pay only 15 per cent tax for new manufacturing units instead of 30 per cent," said Thakur at a press conference here.

The minister said that that this rate cut would lead to new manufacturing units, and employment will increase. "The country's income will increase. What we envision to create a $ 5 trillion economy and the goal we have set, we will achieve it by 2025," he said.

The recently launched initiative 'Vivaad Se Vishwas' scheme of the government aims at substantially reducing the litigation in the Income Tax Department.

The minister also had an interaction with members from the trade and industries fraternity.

"Various representatives shared their views on the issues regarding GST return filing and other related issues. Minister of State for Finance patiently heard the representatives for nearly two hours from each and every sector and segment of the industry," an official release said.