Narendra Modi’s government has proposed widening tax exemptions for foreign investors such as Apple, part of efforts to strengthen the country’s tech supply chain and position it as a manufacturing rival to China.
The move would extend tax breaks by 10 years to 2041 for foreign companies that supply equipment to contract manufacturers including Taiwan’s Foxconn and domestic giant Tata Electronics, which assemble iPhones in India.
Finance minister Nirmala Sitharaman said the proposed tax amendments, which were submitted to parliament on Tuesday, were needed “on an urgent basis” to “provide ease of doing business and tax certainty”.
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