India unveils budget for recovery, and the poor, after cash crackdown


India unveiled a budget on Wednesday (1) to help the poor with hikes in government spending and cuts in taxes as prime minister Narendra Modi seeks to win back the sympathy of voters hit hard by his recent crackdown on “black money”. Finance minister Arun Jaitley announced increases in spending on rural areas, infrastructure and fighting poverty, and sought to assure lawmakers and the country that the economic impact of the government’s cash crackdown would wear off soon. Jaitley also halved the basic personal income tax rate, and cut taxes on small firms that account for 96 percent of India’s…

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