'Revisit LTCG & STT' | A Balasubramanian's Big Pitch For Capital Market Reforms

Can policy reforms revive investor sentiment and attract fresh capital to Indian markets? A Balasubramanian, MD & CEO of Aditya Birla Sun Life AMC, believes the government should sustain its manufacturing push while revisiting taxation rules for capital markets. He makes a case for simplifying taxation across asset classes, including equity, fixed income, real estate and gold, to reduce investor confusion. Bala also believes it is time to review long-term capital gains tax for foreign investors and securities transaction tax (STT), arguing that lower investing costs could encourage greater capital participation. On manufacturing, he sees further opportunities through foreign partnerships in critical sectors. His message for Samvat 2083: policy continuity, tax rationalisation and a stronger manufacturing ecosystem could support India's next growth phase.