Tax For Wealthy, Focus On Poor In Nirmala Sitharaman's Budget | Read

PUBLISHED ON: July 5, 2019 | Duration: 7 min, 01 sec

  
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Finance Minister Nirmala Sitharaman raised taxes for the super-rich and hiked duties on fuel, gold and automobile parts in her first Budget on Friday, in measures aimed at tackling a five-year low in growth while tightening fiscal consolidation. To restart investment, Prime Minister Narendra Modi's government also eased FDI in the insurance and aviation sectors, tightly controlled for decades, and reduced taxes for corporates. After his spectacular re-election, PM Modi aims at making India a $5 trillion economy by 2024-25. But the government did not announce a big jump in public spending despite expectations. Nirmala Sitharaman said the fiscal deficit for this year would be trimmed to 3.3 per cent of the GDP.
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