India's plans to cut personal income tax rates will put more disposable income in the hands of the people and eventually boost consumption in the world's fifth-largest economy, top executives said on Saturday.

India’s finance minister gave middle class consumers 1 trillion rupees ($11.5 billion) in tax relief in her budget Saturday, seeking to shore up a slowing economy as global risks worsen.

India cut personal income tax rates for some individuals in a bid to boost consumption across Asia's third-largest economy, which is projected to grow at its slowest pace in four years.

India plans to cut personal income tax rates to boost consumption in its economy by increasing disposable income. The budget proposes raising the non-taxable income threshold to 1.28 million rupees, benefiting around 25-30 million taxpayers and potentially stimulating demand for consumer goods,