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The government will look into what it can do after a slump in the local market reflecting a global sell-off, the Finance Secretary said on Tuesday. Hasmukh Adhia said he would discuss the issue of the fall in local markets with Finance Minister Arun Jaitley.
When asked if the government would scrap or review the long-term capital gains tax, which was introduced last week in the federal budget, Adhia said the local markets are mimicking global weakness, “but the government will look into what it can do".
Shares in the domestic market slid more than 3 per cent on Tuesday and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of the RBI’s monetary policy meeting this week and the new capital gains tax later in the year.
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