Indian shares jumped almost five percent on Friday after the government announced it was slashing corporate taxes in an effort to boost the sagging economy.
In the latest of a series of announcements since Prime Minister Narendra Modi won a second term in May, Finance Minister Nirmala Sitharaman said that the main corporate tax rate for domestic firms would be cut to 22 percent from 30 percent. The government, while pinning some of the blame on ride-hailing services like Uber, has attempted to help the sector by lifting a ban on purchasing new vehicles by government departments.
India's central bank, reportedly under government pressure, has cut interest rates four times this year to a nine-year low in an attempt to boost growth. India's right-wing government led by Modi won a landslide election victory in May even though its economic record has been patchy, with unemployment at its worst since the 1970s.
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