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.