Nirmala Sitharaman, India's finance minister, gesturing to the members of the media as she speaks during a news conference in New Delhi, India, on Saturday (Feb 1). India's finance minister slashed taxes for individuals and widened budget deficit targets for the current and next fiscal years to help spur a slowing economy. - Bloomberg
MUMBAI: India relaxed its fiscal deficit target on Saturday (Feb 1), raising spending and slashing taxes as it seeks to attract foreign investment and increase consumption in the wake of a prolonged economic slowdown.
Finance Minister Nirmala Sitharaman announced the changes as part of the country's annual budget in parliament, a day after official data showed that Asia's third-largest economy grew five per cent last year, its slowest expansion since the 2008 global financial crisis.
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