IFSCA committee to explore ways to bring home Indian start-ups

The terms of reference for the committee include measures required to encourage the Indian fintech and startups domiciled abroad to relocate to GIFT IFSC

Arup Roychoudhury New Delhi
startup, start-up

Photo: Pexels

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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First Published: Mar 21 2023 | 9:43 PM IST

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