Primer on Doing Business in India

India is one of the fastest growing economies in the world, and the business and regulatory environment is rapidly evolving and improving.  Various policy changes and initiatives have transformed India from a closed economy to a liberal one.  The days of the “licence raj” have given way to a spate of reforms that are encouraging foreign investment in almost every sector.  Draconian regulations and restrictions have been replaced with statutes and policies that are far better suited to the global business model.  The message is loud and clear – India sees itself as a global player in the race for economic supremacy and is no longer just a bystander.

India – Union Budget 2024-25

India’s Union Budget was announced on July 23, 2024, and the Finance Bill, 2024 was tabled in Parliament.  The policy announcements, emphasis on enhancing foreign direct investments, tax certainty through simplified and streamlined tax litigation processes, generating employment, strengthening agriculture and solar power sectors, and the endeavour to reduce the fiscal deficit are all steps in the right direction.

From a tax perspective, there are many positives in the fine print. Please review our detailed critique, which gives a critical overview.