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Eye on elections, govt uncovers new taxes on super wealthy, improvement in investing

Union Budget 2013

Union Budget 2013

Finance Minister P Chidambaram revealed an outburst in investing on Thursday, despite anticipation of the austerity budget to shoreline in the government’s finances, imposing new taxes around the wealthy and enormous companies to finance a touch for growth in front of an election due by 2014. The extent from the downturn gripping Asia’s third-biggest economy was underlined by data launched just hrs after Chidambaram shipped his plan for the approaching fiscal year, showing GDP growth tumbled to 4.5 percent within the October-December quarter, its cheapest in nearly 4 years.

Chidambaram, whose reformist enthusiasm makes him a darling of real estate markets since his appointment in August 2012, centered on revenue-raising measures instead of investing cuts, an indication, experts stated, of his difficult balanced exercise in front of an over-all election that must definitely be held before the center of 2014. Continue reading