The Indian government has proposed extending a tax exemption for foreign companies providing machinery and equipment to contract manufacturers until 2041. This move is seen as a significant victory for Apple, which had lobbied for it and is rapidly expanding its iPhone manufacturing operations in India. According to Counterpoint Research, iPhones made in India are expected to account for 26% of global production by 2026, up from 6% four years ago. Additionally, India has proposed exempting income tax for foreign companies storing and providing components used in manufacturing electronic parts until 2041, and simplifying tax relief for foreign companies using data center services, allowing them to lease data centers to reduce capital requirements. India has also proposed a 15-year tax reduction for foreign diamond miners and traders selling rough diamonds through designated trading zones.