As many as 23,000 wealthy Indians have given up their citizenship since 2014, according to a report by investment and financial services firm Morgan Stanley. In fact, 7,000 of them left the country in 2017 alone.
Alarmed at this migratory trend, the Central Board of Direct Taxes (CBDT) formed a five-member committee in March to gauge the impact on the economy, the exit of high net worth individuals from the Indian tax bracket can have.