Nod for direct overseas listing by Indian start-ups unlikely in Budget

New Delhi, 10 Jan (KNN) 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 told the press.

“I don’t think it can be resolved that quickly by February 1,” Jain added.

“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 startup 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.