Investing.com-- India’s government plans to seek parliamentary approval for a series of tax measures aimed at attracting foreign investment and strengthening domestic manufacturing, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The report said lawmakers will consider bills to formalize tax exemptions for overseas investors purchasing Indian government bonds and shield offshore funds from tax liabilities when their investments are managed by India-based fund managers.
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According to Bloomberg, the proposals also include extending tax holidays until 2041 for overseas suppliers of equipment to domestic electronics manufacturers, from the current expiry date of 2031.
The expanded incentives would cover products including mobile phones, laptops, tablets and servers. Parliament is also expected to vote on tax benefits for data centres and diamond mining.
Bloomberg said the measures are part of Prime Minister Narendra Modi’s efforts to attract global manufacturers, support the rupee and make the economy more resilient following the U.S.-Iran conflict.
Finance Minister Nirmala Sitharaman is expected to introduce the bills during the current parliamentary session, although proceedings have been disrupted by opposition protests, the report added.
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