Commerce and Industry Minister Piyush Goyal announced on Friday that the ministry is receptive to proposals that could facilitate the process for startups wishing to relocate their domicile back to India from overseas. He explained that discussions will take place with the National Start-up Advisory Council to gather feedback on any necessary measures to simplify their return. “We are open to ideas,” he stated.
The National Start-up Advisory Council was established in 2020 and serves to advise the government on essential initiatives for cultivating a robust environment conducive to innovation and startups in India. Its goal is to foster sustainable economic growth and create widespread employment opportunities. Goyal highlighted the encouraging trend of startups returning to India, saying, “It is a welcome sign and also very satisfying that more and more startups come back home, register in India, list in India, and grow in India. India will be a preferred destination in the future.”
Several startups initially established their operations overseas to gain easier access to financing from global funding sources, better valuations, and fewer regulatory hurdles in various sectors. Many are now considering listings in India following their return.
Additionally, Goyal mentioned that the Department for Promotion of Industry and Internal Trade (DPIIT) has signed 50 Memorandums of Understanding (MoUs) with corporate entities, in order to share their challenges. These problem statements are then distributed to startups, presenting them with various opportunities.
