Home / Companies / News /  Goyal urges startups to incorporate, list in India and not move to tax havens
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Union Minister Piyush Goyal Thursday urged startups to list in India and not leave the country in search for "few more dollars". He also urged startups to incorporate in India and not move to tax havens.

Speaking at an industry event, Goyal said the government is ready to address the issues and problems faced by the startup ecosystem.

"A little tougher ask probably. But I would once again urge all of you to incorporate in India and list in India. If you have an issue or problem, please tell us abut it. We will...make every effort to resolve them," he said at the CII's Global Unicorn Summit 2022 - Nurturing 1000 Unicorn by 2030.

"But just for few dollars more, please do not leave the nations' borders to tax havens and other countries. I would urge all of you to look India as your market and your nation where you will register, incorporate, work, list and pay your taxes. This is your country."

Goyal stressed that instances of fudging revenues, data fraud, tax evasions and other malpractices have to be curbed at an early stage or it would kill the entrepreneurial spirit of young startups and have a very damaging effects to the startup ecosystem.

He called for more transparency and the setting up of better standards and benchmarks and more self-regulation in the starup ecosystem. He asked startups to think in long-term, in order to create sustainable wealth for ourselves and society.

Observing that India is home to 95 unicorns, Goyal quipped that we needed just one more sixer to hit a century of unicorns.

Government’s efforts to reduce regulatory compliance burden has encouraged innovation and promoted commercialization of IPR and made it easier to begin, operate, grow and exit businesses, he added.

The minister spoke of the tremendous talent that lay in Tier 2, 3 cities and smaller villages of India and asked that startup revolution be taken in that direction. Startups like Zoho recruit coders from rural areas thus bringing Silicon Valley to rural India, he added.

Goyal said that venture capitalists must also promote and protect Intellectual Property created by young entrepreneurs, provide expertise to scale-up and explore greater capital infusion.

He expressed hope that Indian Intellectual Property would benefit the world but asked that India be the primary beneficiary these innovations. Reiterating the PM Modi's call for ‘vocal for local’, and ‘local to global’, \Goyal said that there could be nobody better than our startups to realize both these mantras.

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