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The federal government has announced measures to counter slowing growth
Indian Prime Minister Narendra Modi’s coalition government has unveiled its first full-year budget after his party lost an outright majority in parliament last year.
Finance minister Nirmala Sitharaman announced measures to counter slowing growth, rising prices and flagging consumption among the middle class in Asia’s third-largest economy.
After a period of world-beating growth of more than 8%, India is set for its slowest economic expansion in four years as stagnant wages and high food prices hit consumer spending and corporate profits.
Here are five key takeaways from India’s union budget:
Tax cuts for the middle class
In a major relief to millions of taxpayers, the government has raised income tax exemption limits, making earnings of up to 1.2m rupees ($13,841; £11,165) – excluding special rate income…
