India rules out quick recovery for economy

18 November, 2019 12:00 AM printer

NEW DELHI: India’s Finance Minister Nirmala Sitharaman said it was too early to say if the slowdown in the economy had bottomed out.

Companies are planning new investments after US$20 billion worth of corporate tax cuts announced in September, Ms Sitharaman told reporters in New Delhi Friday. Actual investments may take some time to materialise, she said, report agencies.

Prime Minister Narendra Modi’s government has unveiled several steps since August to revive economic growth from the weakest pace since 2013. The surprise decision to lower taxes for companies raised concerns about India’s fiscal discipline, with Moody’s Investors Service.