印度财政部长尼尔马拉·西塔拉曼表示，她将考虑对股票税收进行调整，因为持续的股市下跌加大了政策制定者提振投资者信心的压力。
Finance Minister Nirmala Sitharaman said she’ll consider tax changes on stocks as a prolonged equity-market slump intensifies pressure on policymakers to revive investor confidence.
随着股市抛售加深，关于股票收益税收的争论日益激烈。西塔拉曼表示，她认识到散户投资者的“敏感性”和“焦虑”，同时指出，当印度在2023年和2024年吸引强劲资本流入时，类似的税率也已存在。
The debate over taxes on equity gains has grown as the market selloff deepened. Sitharaman said she recognized the “sensitivity” and “anxiety” among retail investors, while noting that similar tax rates were in place when India attracted strong capital inflows in 2023 and 2024.
“我非常理解”所提出的担忧，“我会考虑所有这些”，西塔拉曼周一晚间在一场活动上表示，但未具体说明政府是否在考虑调整资本利得税或交易税。
“I quite appreciate” the concerns being raised and “I’ll consider all this,” Sitharaman said at an event late Monday, without specifying whether the government was considering changes to capital gains or transaction taxes.
印度股市是今年亚洲表现最差的市场之一，落后于新兴市场同行的幅度为三十多年来最大。油价高企和全球收益率上升加剧了对估值昂贵和盈利增长疲软的担忧。
Indian stocks are among the worst performers in Asia this year, trailing emerging-market peers by the widest margin in more than three decades. Elevated oil prices and rising global yields have added to worries about expensive valuations and weak earnings growth.
这些言论是在印度开始筹备下一份联邦预算之际发表的，联邦预算通常于2月初提交。西塔拉曼将连续第十次提交预算，延续了印度财政部长连续提交预算次数最多的纪录。
The comments come as preparations begin for India’s next federal budget, typically presented in early February. Sitharaman is set to deliver her 10th consecutive budget, extending her record for the most in a row by an Indian finance minister.
持有超过一年的上市股票长期收益税率为12.5%，短期收益税率为20%。
Long-term gains on listed equities held for more than a year are taxed at 12.5%, while short-term gains are taxed at 20%.
“现在的情况截然不同，”西塔拉曼说。“环境变了，挑战增加了，外资流出更多了。”她补充说，外国投资者最近已开始回流。
“The situation is very different now,” Sitharaman said. “Circumstances have changed, challenges have grown, more FII outflows have happened.”Foreign investors have recently started returning, she added.
表现不佳使得金融资产税收受到更严格的审视。去年10月，西塔拉曼承认了关于交易税的争论，助长了政策制定者对投资者担忧变得更加开放的预期。
The underperformance has put the taxation of financial assets under greater scrutiny. In October, Sitharaman acknowledged a debate over transaction taxes, fueling expectations that policymakers were becoming more receptive to investor concerns.
财政部长表示，吸引资本对于维持印度的经济势头至关重要。“为了保持这一点，我们需要资本和股权，尤其是现在，”她说道，并提到经济持续保持超过7%的增长。
The finance minister said attracting capital was important to preserve India’s economic momentum. “In order to keep that intact, we need capital and equity, particularly now,” she said, referring to the economy’s sustained growth of more than 7%.
她表示，近年来政府一直致力于发展印度的债券市场。政策制定者现在也听到了要求对股票市场给予更大支持的呼声。
In recent years, the government has focused on developing India’s bond market, she said. Policymakers are now also hearing calls for greater support for equities.
“我不想在这个阶段多说什么，”西塔拉曼说，“但我听到了这声音。”
“I wouldn’t want to say more at this stage,” Sitharaman said, “but I recognize the voice.”