Modi Says India to Cut Consumption Taxes to Spur Growth (3)

India’s Prime Minister Narendra Modipledged to lower consumption taxes for the first time since the levies were introduced nearly a decade ago, a move that could boost demand in the economy as US tariffs threaten to weigh on growth.

“We are bringing next-generation Goods and Services Tax reforms that will reduce the tax burden drastically across the country,” Modi said in his address to the nation on the 79th Independence Day in New Delhi. The changes are expected to take place around the Hindu-festival of Diwali, scheduled for October this year, and will benefit industries and small businesses, he ...