Manish Jain

[The Jaipur Dialogues @JaipurDialogues]

We Support Dr Doolla of IIT Bombay

Do you?

[Manish Jain @manishjain_ind]

@AdityaRajKaul It is not crime but we are not serving well to our guests.

[Manish Jain @manishjain_ind]

@dwivedimk_ias Great, Problem acknowledgment is first step towards improvement. More power to you.

[Manish Jain @manishjain_ind]

@DealsDhamaka Interesting but can they have much lower revenue than India with higher number of employees ? What is missing in data !!!

[Manish Jain @manishjain_ind]

@1shankarsharma

[Manish Jain @manishjain_ind]

@svembu In our country, Key root cause of unemployment and underemployment is over supply of every skill. Same skills are more valuable in other geographies.

[Manish Jain @manishjain_ind]

@sanjeevsanyal This exists in India for more than 40-50 years and more people are experiencing as they getting exposed to private hospitals. Price/cost is one factor but equally important factor for doctors is time management, surgery can be planned but natural ways requires time & patience.

[Manish Jain @manishjain_ind]

@vijayshekhar It is little surprising. Gurgaon and Noida should be in top-5

[Manish Jain @manishjain_ind]

It feels like 20% sugercan juice in car tank with EC20 petrol 🫣

[Radhika Gupta @iRadhikaGupta]

Two valuable suggestions here @VijayKedia1. Will take the liberty to make one more @FinMinIndia and respected @nsitharamanoffc. This is around the taxation of ESOPs.

One of the biggest problems with ESOP taxation in India is that employees are often taxed before they actually make money, or in other words we treat paper wealth as real liquidity.

Today, ESOPs are taxed twice:

First, at exercise, where the difference between exercise price and fair market value is treated as salary income and taxed as a perquisite.

Then again, at sale, where any further gain is taxed as capital gains.

The bigger issue is not even double taxation in principle. The bigger issue is timing and liquidity.

In listed companies, at least there is a market price and an ability to sell.

But in unlisted companies, employees are often asked to pay tax on a notional value determined by a valuation exercise without liquidity, without certainty of eventual value, and sometimes without any exit timeline at all.

Imagine paying lakhs in tax for shares you cannot sell. Or worse, paying tax on a valuation that may never fully materialise.

This creates a strange asymmetry:

- founders and investors are rewarded for long-term risk capital,
- but employees are sometimes taxed upfront on unrealised outcomes.

And this matters. Because ESOPs are not just compensation anymore. They are increasingly the bridge through which employees participate in wealth creation.

If India genuinely wants to build an ownership economy, deepen startup talent, and create long-term alignment between companies and employees, the tax framework has to evolve with that ambition.

A more sensible system would tax employees when liquidity is created not merely when options are exercised.

[Vijay Kedia @VijayKedia1]

Respected @nsitharaman ji and @FinMinIndia ,

Suggestion 1 of 3 for strengthening India's capital markets:
Long-term capital gains tax on listed equities should be abolished.

A long-term shareholder is not a speculator but a provider of patient risk capital. By investing in and holding businesses, investors help companies expand, create jobs, innovate and contribute to India's economic growth.

India requires enormous amounts of long-term capital to build world class enterprises, infrastructure and global champions. Tax policy should encourage households to move savings from passive assets, including imported stores of value such as gold, into productive businesses that create jobs, generate tax revenues and build national wealth.

The appreciation in a company's value is not created in isolation. During its growth journey, the government already collects corporate tax, GST, income tax from employees, customs duties, stamp duties and numerous other levies. Long-term capital gains are often the final outcome of economic activity that has already generated substantial tax revenues.

Most importantly, tax policy should clearly distinguish between investment and speculation. A long term shareholder is a partner in wealth creation, not merely a participant in market transactions. Tax policy should reward long-term ownership of productive businesses and distinguish it from short-term speculation.

India needs more patient capital, more entrepreneurship and more long term investing. Abolishing long-term capital gains tax on listed equities would be a powerful step in that direction.

Respectfully submitted.

[Manish Jain @manishjain_ind]

@dks_230 @grok can you explain reasons for it ?

[Manish Jain @manishjain_ind]

@ananyashasau No bribe for passports, I got for all in family last year.

[Manish Jain @manishjain_ind]

@mehrotra_saket Agree. What to do ? Switch cost to another fund is big because of taxation.

[Manish Jain @manishjain_ind]

@anandmahindra Humbly, I disagree on reliability aspect of Mahindra cars. I bought xuv700 and it remains in workshop few weeks every year. This is my and my friends last Mahindra car in this life.

[Manish Jain @manishjain_ind]

@deepakshenoy @nsitharaman @nsitharamanoffc @PMOIndia Retrospective tax again ? It is fine to make tax changes for future but how can you tax in retrospective ? Kindly review for secondary market purchase prior to budget day.

[Manish Jain @manishjain_ind]

@AnilAgarwal_Ved My deepest condolences 💐

[Aditya Raj Kaul @AdityaRajKaul]

Many on social media have asked how I became a part of Team Dhurandhar as a Research Consultant. Aditya Dhar has been a friend for many years even before the earth-shattering Uri project had begun. To cut the long story short, here we go.

In March 2022, a highly placed source tipped me off about the mysterious killing of a man named Zahid Akhund in Karachi. I was told it was a major development, but given no further details. It took me two days to establish that Zahid Akhund was, in fact, Zahoor Mistry also known as Bhola one of the hijackers of the IC-814 aircraft. Nearly twenty-three years after the hijacking, he had been killed at point-blank range. The Pakistani ISI had instructed the local media not to report the incident. The killing itself was carried out by two bike-borne men from a local Karachi gang. I broke this story in Indian Media and entire national media followed my reporting. Later I investigated this further and made a documentary on this killing. The rest, as they say, is history.

Around this time, Aditya Dhar was already working on his film’s storyboard. When he approached me, one conversation led to another and that’s how I came on board. As did my highly-placed source. Rest is classified information.

Enjoy Dhurandhar. And trust me you are just not ready for the second part in March 2026.

Watch my documentary “Hunting the Hijackers” about killing of Zahoor Mistry where I interview India’s Former R&AW Chief Mr. Vikram Sood and India’s Former Envoy to Pakistan Amb. G. Parthasarthy.

Mr. Sood @Vikram_Sood in this interview gave me this iconic line, “Intelligence agencies and governments who want to be assertive must have long memories.”

Dhurandhar is all about India’s Intelligence agencies having long memories.

Full Documentary Link on my Instagram:

https://t.co/U1eBzZumDj

[Shashi Tharoor @ShashiTharoor]

I already have all these symptoms myself! As do so many around me. We need to clean up the national capital’s air on a war footing.

[MANOJ SHARMA/ मनोज शर्मा @manojpehul]

कुत्ते की मौत मारे जाते हैं... कैसे गैंगस्टर... डीजीपी हरियाणा ओपी सिंह की प्रेस कॉन्फ्रेंस का शानदार वीडियो, पुलिस वालों को जरुर देखना चाहिए..!!