Finance Minister Nirmala Sitharaman on Saturday exhorted India Inc to unleash animal spirits and bring in fresh investment to make India one of the fastest growing economies of the world.
Speaking to industry leaders at an All India Management Association (AIMA) event, she said 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," she said.
The expression animal spirits' was coined by celebrated economist John Maynard Keynes to refer 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," she said.
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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.