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Modi Ally Seeks Tax Parity For Local Investors in Bond Inclusion

  • Budget may scrap capital gains tax for foreign investors
  • Index inclusion may attract as much as $40 billion of inflows

India needs to provide a level-playing field to local investors in the event the nation provides some tax waivers to foreigners to list its bonds on global indexes, according to a key ally of the ruling party. 

“There is no reason why we should give advantage to foreign investors,” said Ashwani Mahajan, co-convenor of the Swadeshi Jagran Manch, affiliated to the Rashtriya Swayamsevak Sangh -- the ideological parent of Prime Minister Narendra Modi’s Bharatiya Janata Party. “This is not going to send a good signal to domestic investors.”