All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Building an economic superpower – ITR's India Special Focus launched


As India takes on a range of ambitious growth plans, ITR has partnered with leading tax advisors to give you the key takeaways for the upcoming years ahead.

Click here to read all the chapters from ITR's India Special Focus

India is home to one-sixth of humanity. With a young population and a grand consumer base – complete with ethnic and linguistic diversity – it is a country with unparalleled economic potential. In March, the OECD forecasted India’s GDP to grow by 12.6% in 2021 – a figure that if realised, would return the country to being the world’s fastest growing major economy.

The country’s steady economic growth in the mid-2010s had slowed following ambitious fiscal policy – including the 2016 demonetisation and 2017’s goods and services tax (GST) implementation – though appears to have quickly rebounded through reforms supporting increased economic liberation and extended support for overseas investors. Moreover, there has been political stability, welcome incentives targeting the manufacturing sector, and a liquidity boost handed to the country’s busy micro, small and medium-sized enterprise sector.

With India’s penchant for creativity and entrepreneurship, new capabilities will emerge to overcome obstacles. As businesses, investors and taxpayers strive for prosperity, the demand for tax advice remains high.

Associating with leading firms who are closest to the action, ITR brings you an exclusive insight into some of the most important developments from the Indian tax world.

In the backdrop of an unprecedented contraction in the Indian economy caused by COVID-19, Finance Minister, Nirmala Sitharaman, presented the Union Budget for 2021-22 in February. The article from Dhruva Advisors considers how the proposals would assist in leading towards Atmanirbhar Bharat (a self-reliant India), in the light of incentives for the development of GIFT City and foreign funds.

The key provisions that investors should take into account when planning an inbound investment structure in India, is the subject of Aurtus Consulting’s article. The enactment of general anti-avoidance rules and the modification of tax treaties on account of the multilateral instrument have had a significant impact.

The article by Lakshmikumaran & Sridharan discusses how the pandemic has drastically changed the cross-border tax and transfer pricing sphere in the country. The authors stress the importance of tax administrations responding swiftly to challenges, to ensure that tax disputes and litigation do not add to the suffering.

Meanwhile, the article from KNAV explores how companies may look to target post-pandemic growth via mergers and acquisitions. The authors reflect on the evolving tax, regulatory and legal framework that businesses will need to consider.

The switch to seamlessly working in a virtual environment means that India has had to swiftly embrace technological innovation. The article from TMSL assesses how the rapid rise of technology has transformed the global tax function and generated new challenges for professionals and governments.

In addition to the chapters, ITR has spoken to practitioners and policymakers from the subcontinent about the most important career tools for the tax lawyers and chartered accountants of tomorrow. Alongside tax voices from Bangladesh, Bhutan and Nepal, Tata Consultancy Services’ global head of taxation, Renu Narvekar, discusses the importance of keeping in-sync with the changing tax landscape.

As the investment climate bounces back, India’s tax world will go from strength to strength in the coming year. We hope that you enjoy hearing from the tax experts leading the progression in our first India Special Focus.

Prin Shasiharan

Senior commercial editor



Click here to read all the chapters from ITR's India Special Focus


Prin Shasiharan


Senior commercial editor


LinkedIn profile


Prin Shasiharan drives thought leadership with global tax advisors for ITR’s insight projects, in addition to managing contributions from partner firms. He has hosted and moderated high-level events involving eminent tax practitioners. He also manages commercial collaborations for other Euromoney brands including The Deal, Managing IP and IFLR.

Prin has experience in tax compliance, financial crime and regulatory roles, and has previously worked for international organisations including the United Nations and the Council of Europe.


more across site & bottom lb ros

More from across our site

The Italian government published plans to levy capital gains tax on cryptocurrency transactions, while Brazil and the UK signed a new tax treaty.
Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
Inaugural awards announces winners
The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.
Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.
The CJEU said the General Court erred in law when it ruled that both companies benefitted from Italian state aid.