Big Buck Icons may move to Dubai amid the inheritance of taxation in India

Political economist Gautam Sen cautioned against the implementation of a wealth tax in India, fearing it would prompt the country’s wealthiest individuals, such as the Ambanis and Adanis, to relocate to tax havens like Dubai. He argued that such a move would lead to a substantial loss of wealth for India. Sen, drawing comparisons with Sweden’s experience, highlighted the potential negative impacts on economic growth and wealth retention. He expressed skepticism about the feasibility of implementing an inheritance tax. 

He emphasized the challenges of redistributing wealth in a country where only a tiny percentage of people pay personal income tax. Sen also warned of the social and political chaos that could result from such radical measures, cautioning against vulnerability to foreign intervention. Despite these concerns, Sen remained optimistic about India’s economic prospects, citing its status as the fastest-growing major economy and praising the government’s infrastructure investments. The significance of consistency in government policy was pointed out concerning the sustainability of economic growth and long-term prosperity.

[Image Source: AajTak]