Finance minister Nirmala Sitharaman said the surcharge levied on high income earners in the budget had not been intended to hurt foreign portfolio investors (FPI) structured as trusts. Sitharaman also told ET in an interview that the government was keeping a close watch on the economy and struggling sectors such as automobiles as she pitched for a “significant” reduction in interest rates. There is no rethink about overseas borrowings and the tax targets in the budget are achievable, she said.
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