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In India, if you fall in the highest tax slab, you will roughly pay 33% as direct taxes.
Add another (roughly) 20% indirect taxes to it.
You will quickly see: that India becomes one of the highest taxed nations in the world.
We often compare this to Nordic countries, where the taxes are around 55%. But, you have to account for free healthcare, education and social security (this is availed by the rich, middle class and poor alike).
Now, the thing is that rich folks in India have options now:
Many countries (eg. Dubai, Singapore, Malta, Greece) are all offering better tax regimes.
Or benefits like stronger passports. For eg. Malta, their strength of passport allows 180+ countries without a visa.
Unless you want to sit in India and do political quid-pro-quo (via taking loans), there is honestly not much incentives for the rich to stay back.
The rich have ALREADY started to tax shop.
And, when they leave, the TAX burden falls on the people staying back.