Hi, I am a non-resident Indian living in Switzerland, so these tax rules don’t apply to me.
If I was investing from India, I would have still diversified globally because of the massive opportunities abroad. For e.g. last year I was buying InMode which is an amazing business (80%+ gross margins, 40%+ EBITDA margins, 40%+ ROIC) growing at 25%+ rates and I was able to buy it at 10x PE. There is not a single business in the Indian listed universe which has these kind of risk reward.
Similarly, I bought Markel (speciality insurance co) at book value or the largest German AMC business at negative enterprise value. These kind of opportunities are just not available in India and I am happy in participating in these even if I have to shell out higher taxes. Hope this clarifies my thought process 
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