Brief by Shorts91 Newsdesk / 05:56am on 23 Jul 2024,Tuesday India
Finance Minister Nirmala Sitharaman presents her seventh Budget, with middle-class Indians eagerly awaiting tax relief. Despite 8.2% economic growth, private consumption lagged at 4%. To boost spending, the government may cut personal income tax for high-propensity spenders, benefiting individuals earning ₹5-15 lakh annually, who currently face 5-20% tax rates. This move could stimulate consumer spending, a key driver of India's GDP. The budget is expected to address this slowdown, with tax reforms aimed at putting more money in people's pockets to revive consumption and drive economic growth.
