India’s government promised spending on job creation but also called for fiscal prudence as it announced its financial budget on Tuesday.
India's finance ministry on Tuesday lowered the country's fiscal deficit target to 4.9% for the financial year ending March 2025, a revision from 5.1% during the pre-election interim budget published back in February.
Elsewhere, the corporate tax rate on foreign companies is also slated to be reduced to 35% from 40%, the budget outlined. The government also plans to abolish the angel tax for startups. "This is imperative for attracting foreign investment and sustaining growth," he said, adding that"unprecedented financial support" from the central bank will make the fiscal deficit target possible.
"Significant investment the central government has made over the years in building and improving infrastructure has had a strong multiplier effect on the economy," Sitharaman said in her accompanying budget speech. "This strategy includes enhancing the ease of doing business and upgrading infrastructure," Hajra said Tuesday as the announcements were made.With high unemployment remaining a big and sticky challenge for Modi's new government, It also proposed Tuesday to spend 2 trillion rupees to increase jobs and boost the quality of education and training in the country.
Elsewhere, the corporate tax rate on foreign companies is also slated to be reduced to 35% from 40%, the budget outlined. The government also plans to abolish the angel tax for startups.reacted negatively to the budget. Both indexes ended the trading day down 0.12% and 0.09% respectively. The Indian rupee on the other hand gained 0.06% to stand at 83.70 against the U.S. dollar.India's economic advisor said Monday that the economy is expected to grow by 6.
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