The budget comes at a time when India is trying to get its growth back on track and to create enough jobs for its workforce.
Between 500,000 to 1,000,000 rupees — 20% taxDBS Group economist Radhika Rao said India could either raise the minimum taxable income, or introduce a different tax rate for higher-income earners. "To cushion the impact on collections, these tweaks might be accompanied by rationalization in tax rebates," she wrote in a note.
Social sector measures including a sustained push toward providing electricity to households in villages, improving the availability and quality of health care and education, as well as efforts to develop skills are also expected, she added. Despite a slowdown in growth, inflation in India has steadily ticked up in recent months — prompting thein its last meeting. Economists agreed that the government faces a difficult task of trying to boost demand, while ensuring it remains on track to meet its medium-term fiscal deficit targets.
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