India Takes Steps to Spur Growth
< < Go Back
As country climbs global economic ranks, government looks to ease restrictions on foreign firms.
India said it would increase state spending and allow more foreign investment in an effort to accelerate the growth of an economy that is increasingly important to the rest of the world.
Prime Minister Narendra Modi’s government, coming off a landslide re-election in May, said it is looking to ease restrictions on foreign businesses in the retail, insurance, media and aviation industries. It also lowered taxes on housing and on smaller companies, while raising taxes on the rich and increasing import tariffs.
“We have set the ball rolling for a new India,” Finance Minister Nirmala Sitharaman said in a two-hour speech to Parliament, as she outlined the plans set out in India’s annual budget released on Friday.
More From The Wall Street Journal (subscription required):
Rss Feed