India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth. The government estimates economic growth this year, which ends on March 31, will slip to 5pc, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets. Sitharaman said the fiscal deficit for the current year would widen to 3.8pc of gross domestic product, up from 3.3% targeted for the current year. Sitharaman announced the introduction of a new personal tax system under which she offered cuts for those ready to give up a myriad of existing tax breaks.

Source: Pakistan Today February 01, 2020 09:56 UTC