Commerce Minister Piyush Goyal urges startup to list in India and not move to tax havens
- ByStartupStory | April 29, 2022
Commerce and industry minister Piyush Goyal, on Thursday(28th April), urged startups to list in India and not move to tax havens. While speaking at the CII-Global Unicorn Summit-Shaping 1000 Unicorns by 2030 event, the Union minister also called for the strengthening of ethics and corporate governance norms in startups.
“Startups must incorporate in India and list in India and not move to tax havens. If they face any issue the government will strive to resolve those,” said the Minister.
The statement comes at a time when homegrown startups are urging the government on several occasions to allow direct overseas listing of Indian companies, stating that the current inability of unlisted companies to tap international markets for raising capital was a major obstacle to their growth ambitions and goals as their access to wider global pools of capital is blocked.
Goyal further added that instances of funding of revenues, tax evasions, data fraud, and other malpractices need to be curbed at an early stage or else it would kill the entrepreneurial spirit of young startups and have a damaging effect on the startup ecosystem.
The Minister also called for more transparency and the setting up of better standards and benchmarks and more self-regulation in the startup ecosystem. He further talked about the need to focus more on cyber security and data privacy amid the digitalization drive in India.
“India’s consumer digital economy is worth approximately USD 100 billion and is expected to become a USD 800 billion market by the year 2030. There was a persistent need to ensure that the enormous data collected by digital technology platforms are safeguarded,” added Goyal.
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