India taps ‘super rich’ in budget

India taps ‘super rich’ in budget India plans to increase spending on capital investment and large-scale social programs by 29 per cent in the next year, while imposing a one-year 10 per cent tax surcharge on the “super-rich”.

In presenting the budget on Thursday, Palaniappan Chidambaram, the country’s finance minister, said India had to revive growth closer to the 8 per cent recorded before the global economic crisis, which has seen India’s economy sharply decelerating. Growth is expected to be about 5 per cent this year.

“Achieving high growth is not a novelty or beyond our capacity,” he said. “We have done it before and we can do it again.”

http://link.ft.com/r/3JFELL/EKSPNI/D45D0H/HY7ESN/1OD1ZU/ID/h?a1=2013&a2=2&a3=28