India’s government escalated efforts to repair economic growth with a surprise $20 billion tax cut, taking the rate for companies to one of the lowest in Asia. Domestic companies will pay 22% tax on their income from April 1, 2019, versus 30% previously, Finance Minister Nirmala Sitharaman said Friday. The effective rate, including all additional levies, will be 25.2% and applicable on companies that aren’t availing any incentives or exemptions. India’s key S&P BSE Sensex rose 5.3% in Mumbai, the biggest gain in a decade, and the rupee rallied after the announcement. Sovereign bonds slumped as fiscal concerns came sharply back to the fore.