India Mulls Tax Cuts as Part of $6 Billion Consumer Boost (1)

Prime Minister <-bsp-person state="{"_id":"00000190-3b1e-d497-a7fb-ff1f713c0000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Narendra Modi’s government is considering consumption-boosting measures worth more than 500 billion rupees ($6 billion) in India’s upcoming budget, including tax cuts for lower income individuals for the first time in seven years, according to people familiar with the matter.

Officials in the Ministry of Finance have discussed proposals to reduce taxes for consumers with the highest propensity to spend, the people said, asking not to be identified because the talks are private. Individuals with annual earnings of 500,000 rupees ($5,987) to 1.5 million rupees — currently taxed anywhere from 5%-20% — could benefit from the ...