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Opinion National Interest PoV 50-Word Edit

ThePrint On Camera Videos In Pictures

Society & Culture Around Town Book Excerpts Vigyapanti The Dating Story

More Judiciary Education YourTurn Work With Us Campus Voice

India can welcome Lakshmi and build a Dubai-style tax haven

The Iran War is an opportunity for India to repatriate talent, attract capital inflows and boost domestic investments as investors look for a stable, growth-oriented economy.

As the Iran War enters its 30th day, Dubai, the financial capital of the Middle East, is faced with a potential existential crisis. High Networth Individuals (HNIs) and affluent Indian Businessmen based in the Emirate are contemplating exiting the market, or watching with bated breath how and when this war will end. This is an opportune moment to nudge the flight of capital gently toward India. Let the winds of change blow toward the North Indian Plains or the islands in the Indian Ocean and the Arabian Sea. Lately, Dubai and Singapore have become popular choices for the global rich to build and store their generational wealth with laid-back taxation policies and welcoming open-door visa facilities.

The world today is interconnected, and geography is no longer a barrier. Rather, it has become a strategic asset. Small economies like Singapore and Dubai have shown how the right mix of policy, infrastructure, technology and vision can turn limited land into global hubs for finance, tourism, and better living. This raises an important question: Can India develop a similar model in places like Lakshadweep, Car Nicobar, Daman and Diu or any other Union Territory?

The idea is ambitious, but not unrealistic.

The country at this time, however, should grab the opportunity and gently redirect the Hindu deity for wealth and prosperity, Lakshmi’s chariot in India’s direction. This way, we could emulate the Dubai and Singapore models to redirect the inflow of capital to India.

Singapore gained independence from the British in 1965, nearly two decades after India. Lee Kuan Yew, Singapore’s first prime minister, had a vision for the island nation that faced daunting constraints — limited land area, no natural resources and a volatile geopolitical regional environment. Its early strategies focused on export-led industrialisation, leveraging its strategic location near key maritime routes to transform itself into a primarily manufacturing hub. Over time, Singapore evolved into a sophisticated, services-driven economy steeped in finance, logistics and technology.

The city-state achieved this success in a short time by creating robust, transparent institutions, along with regulatory frameworks that operated with global standards and combined traditional Eastern philosophies with mantras of modernity. Compared to leading economic powerhouses like London and New York City, Singapore emerged as a........

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