New Delhi: Due to the ongoing economic slowdown in the country, the business-industry has slowed down. Due to which large number of layoffs are taking place. The opposition is constantly attacking the government over this issue. Meanwhile, Finance Minister Nirmala Sitiraman announced a cut in corporate tax. This is believed to be an effort to provide relief to the industries. Along with the industry, this move of the government was welcomed by many economic institutions. International Monetary Fund ie IMF has also joined this link.

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The IMF said that India's move will have a positive impact on investment. However, at the same time, the IMF said that India should focus on revenue consolidation and ensure long-term stability of revenue. The director of the Asia and Pacific Department at the IMF told reporters at a press conference in Washington, "We believe that India has limited revenue, so they need to be cautious".

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"We support his decision to cut corporate tax as it will have a positive impact on investment". He said, "Given the sluggishness recorded in the last two quarters in India, the economy is expected to grow at 6.1 per cent this fiscal year. At the same time, it can go up to 7.0 per cent in 2020. A senior IMF official has also said that investment is expected to pick up due to the promotion of monetary policy and the announcement of corporate tax cuts. On the other hand, Deputy Director of IMF's Asia and Pacific Department Anne-Marie Gulde-Wolf says that India should focus on the issue of its non-banking financial sector.

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