Government considering personal tax rate cuts to boost consumption, sources say

The government is considering lowering personal tax rates for certain categories of individuals, which could help boost consumption in the Asia's third-largest economy, two government sources told Reuters.

The plan could be announced in July, when Prime Minister Narendra Modi's government presents the first federal budget after his Bharatiya Janata Party (BJP) failed to win a majority on its own.

A post-poll survey showed that voters were worried about inflation, unemployment and decreasing incomes.