The International Financial Services Centres Authority (IFSCA) has formed a committee to design a road-map to attract Indian start-ups to set up base in GIFT City and not have their domicile in other nations.
The committee will be headed by former RBI Executive Director G Padmanabhan and tasked with better understanding the nuances from regulatory, tax, legal, and other perspectives, and identifying measures required to make GIFT City the preferred location for start-ups.
“Indian start-ups raised $44 billion in 2021... Many Indian start-ups are domiciled outside India, despite having the majority of their market, personnel, and founders here. These ‘externalised’ or ‘flipped’ start-ups constitute a large number of India’s unicorns,” said a statement from the Finance Ministry on Tuesday.
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