"Foreign investors are baraatis. We have to give them what they want," Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services, said at NDTV Profit Ignite 2026. Speaking in the context of long-term capital gains (LTCG) tax, Agrawal argued that India must consider the needs of foreign investors as it seeks to attract overseas capital.
This comes as Agrawal discussed whether India should reconsider its LTCG tax framework to make the country more appealing to international investors. His argument was that India needs to remain competitive in attracting global capital, particularly as investors weigh opportunities across markets.
India Could See A Trillion-Dollar IPO In 20-30 Years
Agrawal also expressed optimism about the long-term potential of India's capital markets, pointing to the possibility of a trillion-dollar initial public offering (IPO) from the country over the next two to three decades.
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Such a listing would mark an extraordinary milestone for India's corporate sector and reflect the scale that Indian businesses could achieve as the economy grows.
Agrawal's outlook rests on the belief that India's economic and corporate growth over the coming decades could create businesses of unprecedented scale. The country's capital markets could also deepen as more companies expand, raise funds and attract investors.
Agrawal also said he does not restrict his investment choices by market capitalisation. Whether a company is large, mid-sized or small matters less to him than its growth prospects and the price at which its shares are available. "I can buy a $100 million company. I can buy a billion-dollar company. I can buy a $10 million company also," he said.
His preferred combination is high growth and a low price-to-earnings (PE) multiple.
He said opportunities were emerging in the market, including in companies trading at PE multiples of 15-20 times and, in some cases, even lower. For investors, he said, identifying businesses capable of growing earnings is critical to wealth creation. But doing so also requires patience and the courage to invest when uncertainty is high.
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