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Anxious faces in India as government unveils tax on rich

Traders and onlookers watch a live telecast of Indian Finance Minister Palaniappan Chidambaram presenting the annual budget on a television installed at a marketplace in New Delhi on Feb. 28, 2013. Chidambaram unveiled a national budget with a promise to put Asia's third largest economy back on a path of high growth and to check runaway inflation and the fiscal deficit.
Traders and onlookers watch a live telecast of Indian Finance Minister Palaniappan Chidambaram presenting the annual budget on a television installed at a marketplace in New Delhi on Feb. 28, 2013. Chidambaram unveiled a national budget with a promise to put Asia's third largest economy back on a path of high growth and to check runaway inflation and the fiscal deficit.Altaf Qadri / AP

Reuters reportsIndia unveiled new taxes on the rich and large companies on Thursday to fund higher-than-expected spending for the next fiscal year, in a budget that aimed to revive growth amid the country's worst slowdown in a decade ahead of a 2014 election.

"This country must not lose any time - India must get its act together to accelerate the tempo of growth," Prime Minister Manmohan Singh said in a TV interview after the budget speech. Read the full story.