India, Sept. 29 -- The slew of reforms undertaken by the Central Government in areas of taxation, both direct and indirect, with a view to spur consumption will have a far-reaching impact of India's growth as the country aims to become a $5 trillion economy by 2027 and becoming the third largest economy. The Government in budget 2025-26 announces hike in income tax rebate to Rs 12 lakh per annum and Rs 12.75 lakh per annum for salaried class.

While this will stimulate demand and spur consumption across India, in states like Bihar, lower- and middle-income earners like teachers, junior government employees, small business owners etc. will benefit with increased disposable income.

To add to this, the 56th meeting of the GST Council held i...