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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.