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India simplifies foreign investment norms, lowers tax for international firms
India's budget inculded proposals to attract foreign investments, ease taxes on foreign companies , shipping firms and e-commerce.
India's Finance Minister Nirmala Sitharaman holds a folder with the Government of India's logo while leaving her office to present the union budget in the parliament in New Delhi, India, July 23, 2024. / REUTERS/Altaf Hussain
In an effort to make India an attractive investment destination and boost the ease of doing business in the country, India, in its latest budget has proposed measures to simplify foreign investment norms and lower taxes for international firms.
In her budget speech on July 23, Finance Minister Nirmala Sitharaman said, “The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to facilitate foreign direct investments, nudge prioritization, and promote opportunities for using the Indian rupee as a currency for overseas investment.”
In this direction, she announced the creation of a five-year vision document to address the financial needs of the economy. This strategic plan will establish specific priorities and actions to promote economic growth and development over the next five years.
The Minister also proposed lowering foreign companies' corporate tax rates from 40 percent to 35 percent in order to attract foreign capital for India's development. A simpler tax regime for foreign shipping companies operating domestic cruises in the country was also proposed to enhance the potential of cruise tourism, which is an important employment generating industry in the country.
Infographic / PIBSitharaman also proposed developing a climate finance taxonomy to increase the availability of capital for climate adaptation and mitigation, which could help India meet its climate commitments and transition to a green economy.
In addition, the government has announced that the Shram Suvidha Portal, which aims to simplify industry and trade compliance, will undergo a redesign to enhance its features and efficiency. This will make it easier for businesses to comply with regulatory requirements.
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