Union Minister of State (MoS) for Finance Anurag Thakur on Sunday (1 March) asserted that the Union Government was determined to transform India into the third-largest economy on the globe by the year 2025, reports Asian News International (ANI).

Underscoring the importance and impact of the historic corporate tax cuts announced last year by the Government, MoS Thakur said, “The most attractive tax rate worldwide is to pay only 15 per cent tax for new manufacturing units instead of 30 per cent.”

He expressed confidence that the Government’s decision in this regard would lead to the establishment of newer manufacturing units, also increasing employment opportunities. He also added, “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.”

Confident of meeting the ambitious goal, the Minister also held an interaction with the members from the trade and industries fraternity.