25 February 2009 04:04 [Source: ICIS news]
SINGAPORE (ICIS news)--?xml:namespace>
The tax cuts, which were announced days after the government revealed its interim budget, are expected to boost demand in the slowing domestic economy. India's GDP growth is expected to slow to 7% in the fiscal year ending March 2009 from 9.0% a year earlier.
Petrochemical industry players in India had earlier expressed disappointment over the non-inclusion of any tax cuts in the interim budget announced on 16 February, ahead of the general elections to be held in May.
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