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India has announced a middle -class tax cut, and the Narendra Modi government has announced the budget for the first year since the deceleration of the economy following last year, so measures aimed at improving business ease. Was announced.
As with small and medium -sized businesses, small and medium -sized businesses, as well as small and medium -sized businesses, are the fifth largest economy of the world among urban consumers, a core political foundation of the Modi Baratiya Janata Party. It has come along with the steps aimed at reviving the demand of urban consumers.
The Finance Minister Nirmara Citaraman announced on Saturday that the taxpayer has not borrowed taxes at 1.2MN ($ 13,842). income. She said the government would introduce a new income tax bill next week.
The Minister of Finance added that the new tax rate was “significantly reducing the middle class taxes, leaving more money in hand, and supporting household consumption, savings, and investment.”
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Sithharaman is a high -level committee for restricting Indian rules, certifications, licenses, and permission to manage business, and the national investment friendship, and the national investment friendship He stated that the creation of an index will start this. year.
“The framework of light touch regulations based on principles and trust will release productivity and employment,” Citaraman said.
The Business Group has long reduced the burden on troublesome documents and compliance in India, has been reforming the rules of labor and land market, stimulating investment, and promoting employment.
MADHAVI ARORA, Chief Economist of Emkay Global Financial Services, said: With Mumbai.
India has bounced off since the COVID-19 pandemic, and is still the fastest economy in the world, but the GDP in the second quarter of the second fiscal year in September is 5.4 %, nearly two years. It was a thing.
Despite the powerful infrastructure spending by the state, private investment is slow and employment creation is weak. Inflation is a trend near the top of the 4-6 percent of the Bank of India, a trend of 4-6 percent, and is limited to reducing the loan rate.
Vijayaraghavan Swaminathan, the research manager of AVENDUS Spark Instital Equities in Chennai, said that the government’s intention to announce the tax reduction was “very clear” and gave a “breathless” to middle -class households.
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In a special Saturday trading session, the Indian benchmark Nifty 50 Blue Chip Index decreased by 0.5 %, but consumer shares were supported by the decrease in Citaraman’s tax pressure.
“The market is confused for now,” said Swaminasan. “There are many numbers, such as how the government responds to this tax collection hit.”
In an annual Indian economic survey issued by the government on Friday, the Ministry of Finance painted a strict picture of the challenges facing young people and the economy. These include China’s dependence on supply chains, which provide services to important industries such as solar power, advanced batteries, and electric vehicles.
Modi’s Chief Economic Advisor V Anantana Gevaran wrote this report, which would “do not get in the way” to the Indian central government and the state government, “even if the economy is stagnant, it is economic growth. He urged that the risk of stagnation was high. ”
The report predicts 6.4 % of real GDP growth this year, decreasing from 8.2 % in 2023-4 years. The government predicts growth from 6.3 to 6.8 % in FY2025-6.
