Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled.
tumbled 19.2% on a broader selloff in Adani Group firms, which has now swelled to $84 billion since the Hindenburg report.the government will spend 10 trillion rupees on longer-term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID crisis.
India's federal government cut down the fiscal deficit target to 5.9% of GDP in the next financial year, compared to 6.4% for the current fiscal year. "Running into the elections in little over a year, this budget implies that the government has decided to write the cheques earlier than people expected, which is a positive," said Atul Suri, chief executive at Marathon Trends PMS, and fund manager, Rare Enterprises.
Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; editing by Eileen Soreng, Savio D'Souza and Janane Venkatraman
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