Indian Finance Minister Arun Jaitley on Saturday unveiled a budget that aims to ramp up growth, aided by a slowed pace of fiscal deficit cuts and a raft of tax measures to put private domestic and foreign capital to work.
In his first full-year budget since Prime Minister Narendra Modi’s landslide election victory last May, Jaitley said India’s economy was about to take off. Modi tweeted that the budget would “further reignite our growth engine”.
The budget was a test of the nationalist premier’s willingness to reform a $2 trillion economy with a bloated public sector and weak private investment, obstacles to delivering on his pledge to voters of “better days”.
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