new delhi the government has brought in major reforms to boost investment climate in the country for becoming a 5trillion economy finance minister nirmala sitharaman said in parliament on mondayduring the last five years the government has implemented major reforms to build the investment climate in the country for becoming a 5 trillion economy introduction of the insolvency and bankruptcy code ibc in 2016 is a significant step towards cleaning and strengthening the financial system of the country she said in the lok sabhathe finance minister was replying to questions in the lok sabha whether the government has analysed reasons for economic slowdown in the country analysis of impact of gst and if any study has been conducted on impact of the implementation of the foreign trade agreementsitharaman said indias gross domestic product gdp growth during 201419 averaged 75 per cent which was the highest among g20 countriesthe imfs world economic outlook weo of october projects a significant slowdown in world output and trade in 2019 yet india despite some recent deceleration of gdp growth is still projected by weo to grow at the fastest rate in 201920 among g20 countries she saidsitharaman said the government has been taking several measures to address moderate level of fixed investment rate in the economy plateauing of private consumption rate and a modest export performance with a view to increasing the gdp growth of the countryone of the objectives of the goods and services tax gst is to make india a common market with a view to sustaining a high level of gdp growth in the country further in the world banks ease of doing business 2020 report indias ranking improved by 14 positions to 63 in 2019 from 77 in 2018 after gst was implemented in 2017 the minister saidthe minister said the government publishes the economic survey on an annual basis analysing various aspects of the economy including trade agreements and state of the economythe government has also been engaging with various stakeholders to understand their concerns and taking appropriate measures for the economy she saidamong others the make in india programme is a major initiative towards increasing the indigenous capacity of the country to produce worldclass goods and servicesthe minister said the continuous liberalisation has resulted in record and unprecedented inflows of foreign direct investment into the countryand all along government has kept inflation low fiscal spending disciplined and current account deficit manageable to ensure macroeconomic stability so necessary to sustaining a healthy investment climate in the country more recently the government has cut corporate tax rate from 30 per cent to 22 per cent to boost investment activity in the country sitharaman addedcorporate tax rate has been cut to 15 per cent which is among the lowest in the world for new domestic manufacturing companiesthis complements a cut in the repo rate by 135 basis points during 2019 by the reserve bank of india and mandating banks to link their lending rates with external benchmarks for reducing the cost