, Columnist
Why Is India Trying to Kill Off Hedge Funds?
The Indian taxman is strangling a nascent industry that the country should be nurturing instead.
Contemplating a move to Singapore?
Photographer: INDRANIL MUKHERJEE/AFP/Getty Images
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India is killing off the one industry that can bring badly behaving tycoons into line while nudging savers away from an unproductive lust for gold.
That industry is domestic hedge funds, which have taken seven years to reach $6 billion in investment commitments from nothing. By contrast, equity investment in India by overseas financial investors is upward of $400 billion.