New Delhi, Feb 10: The Government on Monday said agriculture industries and services was the most affected sector due to global economic slowdown.
For the purpose, the government has reduced corporate tax and has started a Rs 3 lakh crore worth National Infrastructure Pipeline project which will increase FDI in the country, Minister of State for Finance Anuraj Thakur said while replying to a supplementary during Question Hour in the Lok Sabha. He said where the global GDP was recorded at 2.9 percent, India’s growth rate was 5 per cent.
Mr Thakur said for improving the situation the government has infused Rs 3.5 lakh crore for bank recapitalization and Rs 1.1 lakh crore in the NBFC sector and now banks have started showing results. Last year, the government had recovered Rs 4 lakh crore through the Insolvency and Bankruptcy code, he added.
Inflation, he said, which was in the double digit in the previous regime, has come down to 4.1 now and fiscal deficit also reduced to 3.8 per cent. 'Such indicators are showing that India is doing well and other countries’ faith is increasing in India,' he added. (UNI)