World Business News

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Indian government sets out economic reforms

Zone(s): India ¦ Sector(s): Economy
[9 June 2014,] By Judith Ugwumadu:  India’s new government has unveiled its economic reform package, focused on curbing inflation and the rapid creation of jobs. President Pranab Mukherjee announced the plans at the Central Hall of Parliament in New Delhi saying India was passing through an extremely difficult phase.

He noted that, for two consecutive years, India’s gross domestic product had been less than 5%, while tax collection declined and inflation ‘continued to be at an unacceptable level’. Mukherjee said his government had set out a plan based on ‘rationalisation’ and ‘simplification’ of the tax regime to make it non-adversarial and conducive to investment, enterprise and growth.

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