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PM Modi meets top industrialists to discuss upcoming budget.

PM Modi meets top industrialists to discuss upcoming budget.

The Prime Minister of India, Narendra Modi has met with a few of the top industrialists of the country including Ratan Tata and Mukesh Ambani on this Monday in order to brainstorm on the ways of reviving the economy and creation of jobs as the Union Budget is drawing near. This meeting had been held in the office of the PM this afternoon.

A photo has showed the PM with Mukesh Ambani who is the chairman of Reliance, Ratan Tata who heads Tata and a few others such as Sunil Mittal, Anand Mahindra and Gautam Adani.

Over the last few days, the Prime Minister has been meeting with a lot of the groups as well as industrialists. The meeting on Monday had been congruent with the meetings which were made in the leadup to the Budget which is due in the next month.

The economic growth’s pace has dropped to a level of 4.5% which is the weakest it has been in the previous six years in the latest data of GDP for the quarter of July – September. This slump in the manufacturing output, as well as consumption demand, has been playing a major role in this slowdown.

In the attempt to check this slowdown, the government has resorted to measures like the slashing of corporate tax from 30 % to 22 % in the month of September and further lower the rates of tax for the manufacturing companies to an amount of 15% for attracting the foreign direct investment. These rates of tax and their reduction has made India come to par with the other countries in Asia.

This along with a few banking steps have been the strategy India has followed to counter the slowdown

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