INSUBCONTINENT EXCLUSIVE:
Data due next week will probably show GDP expanded 5.6% in the quarter ended June.Government may soon roll back an additional levy on
foreign funds and announce other measures to boost economic growth, a government official said in comments that helped the stock and
currency markets reverse losses.Prime Minister Narendra Modi's administration is finalizing a package to reverse the economic slowdown,
the official told reporters, asking not to be identified as a decision is yet to be announced
Key among them is a likely exemption to foreign portfolio investors from a tax on super rich announced in the budget.Finance Minister
Plans to exempt Foreign Portfolio Investors, who became an unintended target of the move, was first reported earlier this month.The tax
proposal, along with a lack of measures to boost the economy in the July 5 budget, led to foreigners withdrawing more than $3 billion from
Indian shares, putting pressure on stocks and the rupee.Financial markets cheered the comments about measures to spur the economy, which
came a day after top economic adviser to Prime Minister Narendra Modi suggested that a government stimulus for the private sector creates a
Consumer spending on everything from hair oil to cookies have waned as concerns about job losses grow, amid automobile makers shuttering
factories temporarily to manage piling inventories
Sitharaman had said earlier that FPIs registered as trusts may consider the option of registering as companies to escape the higher tax
However, the conversion would have required several changes to the tax law.Get Breaking news, live coverage, and Latest News from India and
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