By Nikunj Ohri, Shivangi Acharya and Sarita Chaganti Singh NEW DELHI (Reuters) -India slashed personal tax rates in its annual budget on Saturday, as the world's fifth largest economy focuses on boosting domestic demand amid uncertainty over the global economic outlook due to potential new tariff barriers.

Prime Minister Narendra Modi on Friday invoked the Hindu goddess of wealth to elevate India’s poor and the middle class, a possible sign the government may introduce measures to lift sagging consumption in the budget due the next day.

Union home minister Amit Shah, applauding the tax cuts in the Union budget today, said the middle class is always in PM Modi's heart.

Indian Prime Minister Narendra Modi faces the challenges of reviving growth and giving relief to a middle class hit by rising living costs, while also preparing for an uncertain year of global trade,