Govt Doesn’t Want Indian Startups To Relocate To Singapore, UAE; Offers All Help To Stay In India

According to government data, India is now home to 107 unicorns with a total valuation of $ 340.79 billion. About 11 unicorn companies were created in 2020, which rose to 43 in 2021, a surge of 282%. 

A total of 150 startups are expected to join the elite Indian unicorn club in 2022. All of these figures show that India has reflected a conclusive environment for numerous startup growths in recent times.

In line with the enthusiastic startup sentiments and bullish pace picking up by such companies in India, Finance Minister Nirmala Sitharaman has said in a recent address that the government is ready to talk to startups in the country who are considering moving overseas due to policies in India, and address their issues as much as possible, in attempts to convince them into staying in the country.

Here’s a complete breakdown of Sitharaman’s address.

Govt Opens Doors to Address Startups’ Issues

At the prestigious Brookings Institute think-tank, India’s FM Minister Nirmala Sitharaman has said that the government will be willing to convince startups contemplating moving outside India to carry their businesses and address their issues as much as possible so that they can be convinced to continue their work in the country.

Sitharaman also informed about Prime Minister Narendra Modi indulging with different startups to create the government’s policies that have led to enabling environment for the sustenance of such companies.

She adds that this factor has been a major push for India to now house over 100 unicorns.

She said, “I’ve heard this from others as well. Startups are moving to Singapore, they’re moving to the UAE. Well, if they want to talk to the Government of India and say, look, we were moving to Singapore, but if we were to do this, we would be quite happy to be here. And after hearing it if it’s possible, we’ll certainly attend to them.”