India’s Modi to Present Growth Boosting Budget in July

India’s new government will present its first federal budget on 10 July, media reports quoting officials said.

The government, led by Prime Minister Narendra Modi, will also present the railway budget on 8 July.

India’s economic expansion has slowed markedly, growing by 4.7% in the 2013-14 financial year and marking the second year of sub-5% growth.

Mr Modi’s government has promised rapid economic reforms aimed at creating jobs and boosting foreign investment.

Media reports suggest that the federal budget may include measures designed to simplify taxation, reduce inflation and attract private investment.

The government has also spoken about its plans to introduce a general sales tax, encourage foreign investment and speed up approvals for major business projects.

Last week, the government announced an increase in passenger fares and freight rates to improve facilities and recover losses for its state-owned railway, which operates more than 11,000 trains and carries some 13 million passengers daily.

India’s previous government presented an interim budget in February – ahead of the general election – to cover expenditure until a new government was installed.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza