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India’s New Budget Aims to Boost Growth
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The Modi administration's budget for India in 2015 aims for 7.4% growth- allowing a fiscal deficit at 3.9% and increased spending on infrastructure
02/28/2015
The $288 billion budget aims to increase infrastructure spending to achieve a growth rate of 7.4%. A 2% tax on the superrich and rigorous penalties of 10 years imprisonment for tax evasion by sending money overseas are efforts to improve tax revenues in a country where it is estimated only 35 million Indians pay taxes. The lower oil prices help reduce pressures from fiscal deficits, and the decision was taken to let the fiscal deficit increase to 3.9% in the interests of growth.
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