India unveils $529.7 billion budget – GulfToday

India unveils $529.7 billion budget – GulfToday

India unveiled a bigger budget of 39.45 trillion rupees ($529.7 billion) for the coming fiscal year on Tuesday, stepping up investment on highways to affordable housing to put growth on a firmer footing as the economy recovers from the pandemic. The government has projected slower economic growth of 8% to 8.5% compared with an estimated 9.2% for the current fiscal year. GDP contracted 6.6% the previous year. "The overall sharp rebound and recovery of the economy is reflective of our country's strong resilience," Finance Minister Nirmala Sitharaman said, vowing to lay the foundation for faster growth. She announced spending of 200 billion rupees ($2.68 billion) for a highway expansion programme and said 400 new trains would be manufactured over the next three years. Total government spending will be 4.6% more than the current year. The fiscal deficit for the current year would be 6.9% of GDP, slightly more than the 6.8% targeted earlier, Sitharaman said. While presenting the Budget on Tuesday, Finance Minister Nirmala Sitharaman said that the income from sale or acquisition of virtual and digital assets such as cryptocurrency will be taxed at 30%, the highest tax band in the country, according to NDTV. • Income tax remains