<h1>Indian Government Abolishes Angel Tax, Cuts Corporate Tax for Foreign Firms to Boost Start-ups and Investment.</h1> The Union Finance Minister announced the abolition of angel tax for all investor classes to support the Indian start-up ecosystem and innovation. The corporate tax rate for foreign companies will be reduced from 40% to 35% to attract foreign investment. A financial sector vision and strategy document will be introduced to guide economic financing needs. Additionally, a taxonomy for climate finance will be developed to support climate commitments. Simplified rules for foreign direct and overseas investments will be implemented, alongside a simpler tax regime for foreign shipping companies to boost cruise tourism. Safe harbor rates will be introduced for foreign mining companies in the diamond industry.