India's Big Move To Attract Foreign Investment Amid Iran War: Sources | Read

The central government has taken a major step to promote foreign capital inflows into the country and mitigate the adverse effects of the Iran war on the economy, according to sources. The Union Cabinet, led by Prime Minister Narendra Modi, has reportedly approved an ordinance amending the Income Tax Act. The ordinance, as per sources, will completely eliminate capital gains tax on investments made by foreign portfolio investors (FPIs) in Indian government securities (G-secs). It will be implemented after Presidential approval.