India set to present federal budget
Measures aimed at reviving India’s slowing economy are set to be announced by the country’s new government, led by Prime Minister Narendra Modi, in its federal budget on Thursday. India’s economy has slowed markedly, growing by 4.7 per cent in the 2013-14 financial year which marked the second year of sub-5 per cent growth. Modi’s government has promised reforms aimed at creating jobs. The budget is also expected to contain measures designed to slow inflation. The government has also spoken about its plans to introduce a general sales tax, simplify taxation, encourage foreign investment and speed up approvals for major business projects. A government survey, published on Wednesday, said the country’s fiscal situation was worse than it appeared. The annual government Economic Survey on India’s economy heightened speculation that Thursday’s budget will give a higher, more realistic fiscal deficit target for the current financial year than the 4.1 per cent of gross domestic product ...