Prime Minister Narendra Modi’s government is mulling a proposal to hike the taxable income limits, especially the 1 million rupee slab, which attracts a 30% rate at present, the people said, asking not to be identified as the discussions are private. The move will be accompanied by scrapping some tax breaks, including the one offered on house rent payments and interest earned on some bank deposits.

India has declared itself that it is open for business, but the international community is looking after many many years of languishing interest in improving the business environment.

“I’d certainly be doing that – go back and design in some way whereby I will identify those multinational corporations, all American businesses or any other country European or a British origin who are moving out of China or who probably are even contemplating. I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” Sitharaman told a group of Indian reporters at the conclusion of her interactions at the annual meeting of the International Monetary Fund and the World Bank in Washington.