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Source: The post is based on the article “Committee of Experts to ‘Onshoring the Indian Innovation to GIFT IFSC” published in PIB on 25th August 2023.
What is the News?
The Committee of Experts appointed by the International Financial Services Centres Authority (IFSCA) to explore ‘Onshoring the Indian Innovation to Gujarat International Finance Tec-city International Financial Services Centre (GIFT IFSC)’ has submitted its report.
About Committee of Experts to Onshoring the Indian Innovation to GIFT IFSC:
Chaired by: G. Padmanabhan, former executive director of the RBI
Mandate: To understand the reasons for shifting of Indian startups outside India and suggestions to avoid externalization of startups in the future and also to persuade startups that are presently externalized to redomicile back.
What are the recommendations given by the committee?
The committee has identified challenges and recommended measures for the development of the International Innovation Hub at GIFT IFSC.
It has recommended aligning the tax and regulatory laws within the IFSC with international best practices to create an environment that actively incentivizes and supports holding company structures.
