New India govt to present budget in July

indian parliament

India’s new government will present its first federal budget on 10 July, media reports quoting officials said.

The government, led by Prime Minister Narendra Modi, will also present the railway budget on 8 July.

India’s economic expansion has slowed markedly, growing by 4.7% in the 2013-14 financial year and marking the second year of sub-5% growth.

Mr Modi’s government has promised rapid economic reforms aimed at creating jobs and boosting foreign investment.

Media reports suggest that the federal budget may include measures designed to simplify taxation, reduce inflation and attract private investment.

The government has also spoken about its plans to introduce a general sales tax, encourage foreign investment and speed up approvals for major business projects.

Last week, the government announced an increase in passenger fares and freight rates to improve facilities and recover losses for its state-owned railway, which operates more than 11,000 trains and carries some 13 million passengers daily.

India’s previous government presented an interim budget in February – ahead of the general election – to cover expenditure until a new government was installed.

Asia’s third-largest economy has been weighed down by factors including high inflation, a weak currency and a drop in foreign investment.