India relaxes its fiscal deficit target, raising spending and slashing taxes as it seeks to attract foreign investment and increase consumption in wake of prolonged economic slowdown
Prime Minister Narendra Modi's right-wing government has been trying desperately to revive the economy, which has flagged for several quarters, with per capita consumption falling for the first time in four decades.
She also announced that companies would no longer have to pay dividend distribution tax, terming it a "bold move meant to attract foreign investors". She also revealed New Delhi was seeking to shed its 100-percent stake in the country's largest insurer, Life Insurance Corporation, to generate revenue.
New Delhi has said it expects the economy to recover soon, pegging growth at 6.0 to 6.5 percent for the financial year 2020-21.
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