PM meets India Inc heads to discuss job creation

Mukesh Ambani, Tata group patriarch Ratan Tata, telecom czar Sunil Bharti Mittal, billionaire Gautam Adani, Mahindra Group chairman Anand Mahindra, and mining baron Anil Agarwal were among those present at the discussion. Tata Sons chairman N Chandrasekaran, TVS chairman Venu Srinivasan, L&T head AM Naik were also present, according to a photograph of the meeting released here.

Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1 with an eye to reviving growth.

The latest GDP data for the July-September quarter showed a significant further moderation in the pace of economic growth to 4.5 per cent - the weakest in six years, with a key contributory factor being a slump in manufacturing output.

The Modi government has undertaken a number of measures to arrest the growth slowdown. In September 2019, it announced a cut in the corporate tax rate to 22 per cent from 30 per cent. The government also lowered the tax rate for new manufacturing companies to 15 per cent to attract new foreign direct investments.