India Considers Income Tax Cuts For Middle-Class Consumers

India is reportedly considering cutting income tax for middle-class individuals to boost consumption. A Reuters report suggests reducing taxes for those earning up to ₹15 lakh annually. Under the 2020 system, income between ₹3 lakh and ₹15 lakh is taxed at 5%-20%, with higher earnings taxed at 30%. The final decision will be made before the February 1, 2025 budget.