Budget 2024: Modi 3.0's first Budget slashes corporate tax rates for foreign firms to deal another blow to China

Modi 3.0's first Budget aimed to boost India's economy by cutting tax rates for foreign companies, attracting more overseas investors amidst the global supply chain shift from China. The move aligns with India's goal to reach a $5 trillion economy, emphasising FDI and positioning India as a global manufacturing hub. India's ambitious vision to become a global manufacturing hub relies on a comprehensive approach, including policies like PLI, lower corporate tax rates, and infrastructure development.