Finance

Direct overseas listing of Indian startups not expected in Budget FY23

The government is examining the industry’s request to allow direct overseas listing of Indian startups, but a resolution may not be a part of the FY23 Union Budget.

The industry department is examining the matter to understand exactly what the startups want, Department for Promotion of Industry and Internal Trade (DPIIT) secretary Anurag Jain said on Sunday.

“I don’t think it can be resolved that quickly (by February 1),” Jain told reporters.

“To my mind there is nothing that stops them from doing this. Why do they want to go outside and list, what are the factors that are not there, we are engaged with the discussion with the industry leaders. I know there is a proposal which was under consideration…I do understand there can be certain categories for which the ecosystem in a different country could be much better to attract capital, otherwise we have the makings of one of the best (startups) ecosystems,” Jain said.

Last year, top startups and venture capital firms had written to the Prime Minister to allow direct overseas listing of Indian companies.

Jain also said that DPIIT is organizing the first-ever Startup India Innovation Week from Monday.

The platform will also promote knowledge exchange, develop entrepreneurial ecosystem capacities; mobilise global and domestic capital for startup investments; and provide market access opportunities. The week-long event includes interaction of select startups with Prime Minister Nareandra Modi on January 15; roundtable with global investors and domestic funds; launch of Open Network for Digital Commerce (ONDC) digital strategy.

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