Mumbai: Terming the massive Rs 1.45 lakh crore tax giveaways announced by the government earlier in the day on Friday, as "historic", Union minister Nitin Gadkari said the move will boost investor and entruprenuer confidence.
Expressing confidence that the tax cuts will increase the confidence of investors and entrepreneurs, he said "the decision is a historic one" and this can be construed as the growth engine for the MSME sector.
"For achieving the dream of becoming a USD 5-trillion economy (by 2025), such a decision is important. I am sure the market will react positively to the move. We have already seen the share markets rallying," he added.
Later addressing an India Today event in the city, the minister said the country will see the positive results of the massive 10 percentage points reduction in corporate taxes in the coming time.
On the slowdown in growth, Gadkari said, "if you see the growth rate of any other economy, be it China or the US, or most other nations, we are well-placed."