A Reuters report quoting sources showed that India is considering cutting income taxes for individuals earning up to 1.5 million rupees as part of its budget proposals for February 2024. Sources reveal that this move aims to provide relief to the middle class and stimulate consumption in response to the country’s slowing economy. The tax cuts would primarily impact city dwellers, who are facing high living costs, and could encourage more taxpayers to opt for the newer 2020 tax system.