For some time now, it appears that India’s appeal among global investors has diminished. Since 2024-25, foreign portfolio investors have taken out $51 billion from the equity markets. This souring of sentiment has led to a clamour for a review of the existing long-term capital gains tax regime. But will tax cuts alone be enough to attract foreign capital back to India’s shores? There are several reasons why foreign capital has flowed out of the country over the past few years. Globally, capital is moving more towards companies in the AI ecosystem, where India does not have a significant presence. From US majors........

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