India’s government unveiled a budget proposal designed to ease the impact of inflation on lower-income earners by exempting more people from paying taxes, while inviting foreign investment in infrastructure and accelerating sales of state-owned assets.
Finance Minister Pranab Mukherjee said India’s auction of wireless airwaves may pay for its biggest budget-deficit reduction in 19 years, as the government expects to earn at least 600 billion rupees ($13.3 billion) from the sale.
Lawmakers in India vote today for a new president with former finance minister Pranab Mukherjee set to be elected head of state, ending a four-decade political career with elevation to what is mostly a ceremonial role.
India has yet to announce extra resources for the International Monetary Fund because of “practical” considerations, not because it’s waiting to be granted more voting power within the Washington-based lender, Finance Minister Pranab Mukherjee said.
India’s government doesn’t need to restrict foreign institutional investment and foreign direct investment at this time, Finance Minister Pranab Mukherjee said after the rupee climbed to near a two-year high.