economy slowdown

A day earlier, Finance Minister Nirmala Sitharaman said the economic package is in works. Sooner or later, the government will announce the package to help the markets and industry, she said.

Prasad’s comments came at a time when India slipped by 10 positions in the world competitive index report and government data on Friday revealed that factory output had shrunk by 1.1 per cent in August — the worst performance in seven years.

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.