India relaxes fiscal deficit, cuts taxes to spur growth | Malay Mail

📆 2/2/2020 8:18 PM
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MUMBAI, Feb 2 — India relaxed its fiscal deficit target yesterday, raising spending and slashing taxes as it seeks to attract foreign investment and increase consumption in the wake of a prolonged economic slowdown. Finance Minister Nirmala Sitharaman announced the changes as part of the...

Farmers watch a news channel broadcasting India's Finance Minister Nirmala Sitharaman presenting the 2020 union budget, at a village on the outskirts of Amritsar on February 1, 2020. — AFP pic

The finance minister said Indians earning under 1.5 million rupees a year could pay lower taxes if they agreed to forego existing exemptions, with a view to raising their purchasing power. Sitharaman said this would enable farmers, many of whom are burdened by crushing debts, to sell power to energy companies.

Prime Minister Modi said the budget would “boost income and investment. It will improve demand and consumption and help improve credit flows”.

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