It is a republic divided into eight territories and 28 different countries, with 1.4 billion people.
The most prominent industries in the country are manufacturing, agriculture, programming, and customer service.
India is ranked seventh in the world in terms of GDP at 2.55 trillion dollars. Although the high-tech sector in India is the largest in the country, the services sector is the leader and most extensive globally and is the primary source of economic growth for the country. The reason for that is that companies worldwide move their service centres and programming centres to India.
As a result of India’s tax laws, companies in the country are taxed on their worldwide income, while foreign companies are taxed only on their earnings in India. Therefore, many investors choose to invest through foreign companies in India.
The foreign company is taxed at 40%, whereas the local company is taxed at 30%. However, there will be a supplement of municipal tax of 10% on the local company, while foreign companies pay only 2.5%.