India's Leap Towards Becoming a Global Innovation Hub

In an ambitious move to position India as a global hub for innovation, Deloitte India partner (direct tax) Rohinton Sidhwa has proposed the introduction of a Production Linked Incentive (PLI) scheme for Research and Development (R&D) in the Budget 2025-26. This initiative aims to attract foreign companies and bolster India's position on the global innovation map.

The proposed PLI scheme for R&D is expected to be a game-changer, encouraging both domestic and international players to invest in innovation within the country. By fostering a conducive environment for R&D, India is poised to attract significant foreign investment, thereby accelerating its journey towards becoming a global innovation hub.