PM Modi may tackle economic slowdown, trade turmoil in upcoming Budget

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PM Modi may tackle economic slowdown, trade turmoil in upcoming Budget - Business Standard

Quick Summary:

India also plans to raise its spending for the agriculture sector by about 15 per cent, marking the biggest increase in six years, and moderately increase key subsidy payouts to sustain a recovery in its rural economy.

To that effect, India has drawn up a list of products that act as inputs for various local production units and is considering cutting import taxes on them, a senior government sources aware of the matter said.

To support local production, the government could offer concessional tax rates to companies that use the country as a manufacturing hub, lower custom duties on intermediate inputs and raise tariffs to counter goods dumped from China, Nomura economists said in a note.