Many Market participants are calling for a reduction in long-term capital gains tax on equities to attract foreign investors and boost liquidity. Despite India's recent tax hikes, experts believe policy changes could enhance market competitiveness. In an exclusive conversation with Business Today Executive Director Rahul Kanwal, Nilesh Shah, MD at Kotak Mahindra AMC, shares insights on whether lower Long Term Capital Gains Tax (LTCG) or stronger growth and governance will be the key to drawing more FIIs. Will India take steps to align its tax regime with global markets, or should investors focus on long-term returns?