(MENAFN- KNN India)
New Delhi, Jan 4
(KNN)
The government is actively seeking ways to facilitate the return of startups that had previously migrated overseas, Commerce and industry Minister Piyush Goyal announced Friday.
Speaking to reporters, he emphasized the importance of creating a conducive environment for startups looking to re-establish operations in India.
“We will discuss with the Start-up Advisory Council and take feedback. If any steps are required to make their journey back easier, we are open to ideas,” Goyal said.
The Start-up Advisory Council, established in 2020, advises the government on measures to nurture innovation and strengthen the startup ecosystem, aiming to drive sustainable economic growth and create large-scale employment opportunities.
Highlighting the trend of startups returning to India, Goyal remarked,“It is a welcome sign and very satisfying that more and more startups are coming back home, registering in India, listing in India, and growing in India. India will be a preferred destination in the future.”
Many startups, including PhonePe, Groww, Meesho, and Razorpay, initially registered abroad due to favorable access to international financing, higher valuations, and relaxed regulations.
However, recent factors such as the maturity of India's capital markets, improved overseas direct investment regulations, and a vibrant private equity/venture capital ecosystem have made India a more attractive base.
These companies are now considering listing in India after relocating their operations back home.
On concerns raised by traditional businesses about anti-competitive practices by e-commerce and quick-commerce firms, Goyal affirmed that the Competition Commission of India (CCI) is monitoring such issues closely. Strict action has been taken against violators.
Specifically addressing Blinkit's pilot launch of a 10-minute ambulance service in Gurugram, Goyal emphasised,“Companies must ensure compliance with the law of the land and meet all legal requirements.”
The government's proactive stance signals its commitment to fostering a robust startup ecosystem, positioning India as a global hub for innovation and entrepreneurship.
(KNN Bureau)
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