India may soon overtake Britain as a favored investment destination in the world unless Chancellor Alistair Darling cut taxes in its budget. This is accordingly to a survey by a leading consultant agency.

Businessmen here have demanded a radical overhaul of corporate tax. Thousands of people of Indian origin are keenly awaiting the budget amidst reports that non-domicile residents in Britain are expected to be taxed 30,000 pounds.

In its report, the consulting firm recalled that in its European Attractiveness survey for 2007, UK had been overtaken by India and Russia and equaled by Poland. Chris Sanger, Head of Tax Policy at the firm, said that other countries and regions in Europe have stolen a march on the UK by offering fiscal incentives and tax breaks that are proving to be a great success.

Although Gordon Brown as Chancellor announced the reduction in the main rate of corporation tax from 30% to 28% from next month, many would argue that is just not enough to make the UK a competitive place to do business. The Confederation of British Industry (CBI) said that the UK had now reached a tipping point.

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