Piyush Goyal urges startups to incorporate, list in India and not move to tax havens
Zee News
Goyal has called for more transparency and the setting up of better standards and benchmarks and more self-regulation in the starup ecosystem.
New Delhi: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal expressed his desire that startups must incorporate in India and list in India and not move to tax havens. He also urged them to approach the government if they face any issues and assured that it would strive to resolve problems.
Addressing the ‘Confederation of Indian Industry (CII)- Global Unicorn Summit- Shaping 1,000 Unicorns by 2030’ in New Delhi, 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. (Also read: Zero Defect Zero Effect scheme for MSMEs launched, additional subsidy for women entrepreneurs)
Goyal has 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.
He also emphasised on further strengthening of ethics and corporate governance norms in startups. (Also read: Inside Shark Tank India judge Namita Thapar’s home: Lush green balcony, plush interiors and more)
The Minister 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 Prime Minister’s clarion called of ‘vocal for local’, and ‘local to global’, Shri Goyal said that there could be nobody better than our startups to realize both these mantras.
