News Summary: India's budget to push growth

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News,Business

GROWTH PLANS: India's finance minister Thursday unveiled a national budget with a promise to put Asia's third-largest economy back on a path of high growth and to trim the fiscal deficit.

ATTRACTING INVESTMENT: Palaniappan Chidambaram told Parliament that attracting foreign investment was crucial to reversing India's economic slowdown and getting the nation back to fiscal health. Reducing the budget deficit meant the government had no choice but to cut spending, he said.

RICH TARGETED: Among measures to boost revenue, the minister announced a temporary tax hike for the "super rich." The 42,800 people with annual income over 10 million rupees ($186,000) would pay the additional tax for one year.

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