The Indian government's decision to ease the tax burden for middle-class consumers may not have a large impact on growth, Moody's Ratings said in response to the federal budget.

Indian Prime Minister Narendra Modi’s government has presented an annual budget that focuses on wooing the salaried middle class with tax cuts and spurring economic growth by boosting agriculture and

India plans to cut personal income tax rates to boost middle-class spending power, Finance Minister Nirmala Sitharaman said on Saturday, as she announced an annual budget that also sought to increase private investment to strengthen growth.