Indian government cuts taxes, pledges to boost rural economy

India's finance minister pledged relief for middle class taxpayers and small and medium-sized companies on Wednesday, saying the government would spend billions of dollars to double farmers' incomes, upgrade ramshackle infrastructure and provide cheap housing.

In presenting to Parliament the budget for fiscal year that starts April 1, Finance Minister Arun Jaitley said the economy was doing well despite slowing growth in other emerging economies and a massive demonetization order late last year that affected the country's mostly cash-based business activities.