In a bid to woo Indian startups which can be domiciled overseas to relocate to the GIFT City in Gujarat, the International Financial Services Centres Authority (IFSCA) on Tuesday constituted an skilled panel headed by former Reserve Bank of India government director G Padmanabhan to establish their considerations.
“Many Indian startups are domiciled outside India–despite having the majority of their market, personnel and founders in India. These ‘externalized’ or ‘flipped’ startups constitute a large number of India’s unicorns,” the IFSCA mentioned. India, it mentioned, has the world’s third-largest startup ecosystem with 115 unicorns (companies with billion-dollar valuations).
“In order to better understand the nuances from regulatory, tax, legal and other perspectives and identify measures required to make India (GIFT IFSC) the preferred location, IFSCA has constituted an expert committee to formulate a roadmap to onshore the Indian innovation to GIFT IFSC,” the authority mentioned in an announcement on Tuesday.
The committee, anticipated to submit its report in three months, contains representatives from main enterprise capital funds, startups, fintechs, regulation companies, tax companies and different area consultants. Apart from measures to encourage Indian fintechs and startups domiciled overseas to relocate to GIFT IFSC, the panel would additionally establish challenges and suggest measures for the event of International Innovation Hub at GIFT IFSC.
