Indian Prime Minister Narendra Modi’s government presented an annual budget to Parliament on Saturday that focused on wooing the salaried middle class with tax cuts and spurring economic growth by boosting agriculture and manufacturing.

The Indian government's decision to ease the tax burden for middle-class consumers may not have a large impact on growth, Moody's Ratings said in response to the federal budget.

Finance minister Nirmala Sitharaman will be hoping that the money she has put in the hands of the people will cause consumption to rise and accelerate economic growth.