On 26 February Indian finance minister Pranab Mukherjee presented the country’s Union Budget for 2010-2011. Mukherjee focused on controlling the fiscal deficit. He also expressed confidence that a new direct tax code (DTC), as well as a goods and services tax, would be introduced by April 2011.
Market sentiment was boosted by Mukherjee’s pledges to progressively cut the deficit over the next three fiscal years, lower personal tax rates, thereby lifting disposable incomes, and reduce the surcharge on corporate tax for domestic companies (from 10% to 7.5%). The budget could result in a net tax saving of Rs20,000 to Rs50,000 for those earning above Rs300,000 (US$6,500) per year. Analysts say this is likely to contribute to the country’s rising consumption.
“Overall, it’s quite a realistic budget,” said Sumes Dewan, a partner at FoxMandal Little. It aims to “reduce the country’s fiscal deficit and at the same time cater to the Indian public”.
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