Union Budget 2025: India's tax relief may not be enough to boost economic growth, Moody's says
Moody's Ratings said in response to the budget, retaining their growth forecast for the South Asian economy at 6.6% for next fiscal year.
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It remains «unclear» whether the Indian government has done enough to boost economic growth by undertaking tax measures, Christian de Guzman, senior vice president and lead sovereign analyst for India said in an interview.
«I think it really depends on whether consumers do actually spend that money that is freed up from these tax measures… I would place some uncertainty there.»
India's budget said that people earning up to 1.28 million rupees ($14,800) per year will not have to pay any taxes, raising the threshold from 700,000 rupees. The government also cut tax rates for people earning above the new threshold.
Guzman said that capital expenditure for infrastructure development provides a «long-lasting» boost to growth compared with tax cuts that may have short-term benefits.
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