The clamor for removing tax on long-term capital gains, or LTCG, on foreign portfolio investors is rising in India as the country’s equity markets witness record capital outflows. One of India’s oldest and most prominent industry bodies, PHD Chamber of Commerce and Industry, last week asked the government appealing to abolish the tax. The country’s Finance Minister Nirmala Sitharaman acknowledged the exit of foreign capital outflows and added she would consider the calls for reviewing LTCG tax:

Spoke with someone who had just made $1,000,000 very quickly, was in LTCG and felt like it wasn’t enough. I then asked if they thought they could beat 30% CAGR every year, and what they thought that number would be after 30 years. They said somewhere in the millions. It’s 1,833,996,950.55.