NEW DELHI India's fiscal deficit will be contained within its budgeted target for the fiscal year ending March 2014, Finance Minister P. Chidambaram said on Thursday.
India unveiled new taxes on the rich and large companies on Thursday to fund higher-than-expected spending for the next fiscal year, in a budget that aimed to revive growth amid the country's worst slowdown in a decade ahead of a 2014 election.
(Chidambaram calls for tough choices, click here)
(Rich taxpayers to pay 10 percent surcharge, click here)
(Budget 2013 highlights, click here)
Stocks, bond prices and the rupee all fell despite Finance Minister P. Chidambaram's vow to cut next year's fiscal deficit to 4.8 percent of GDP, which some watchers said counted on ambitious revenue assumptions given hefty spending targets.
(Reporting by Arup Roychoudhury; editing by Matthias Williams)
Trending On Reuters
For years Indian businesses have lobbied for a nationwide sales tax, hoping to replace a chaotic structure that inflates costs and halts their trucks at state borders for duty payments, and to unify the country into one of the world's largest single markets. But after political compromises that finally got a goods and services tax (GST) bill before parliament, they have turned wary. Full Article