Source: International Business Times
Indian Prime Minister Narendra Modi (R) is slashing consumption taxes as his economy braces for painful US tariffs levied by President Donald Trump AFP Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of dollars in annual relief and boost demand in an economy bracing for painful US tariffs, experts say. US President Donald Trump has threatened to double import duties on India from 25 to 50 percent to punish New Delhi for buying oil from Russia, saying the purchases help Moscow fund its invasion of Ukraine. The prospective measure has clouded the outlook for the world's fifth-largest economy, with Indian exporters warning of plunging orders and severe job losses.
