India's Booming Economy Spurs 'Reverse Flipping' Trend as Startups Return Home

India's robust economic growth is prompting a trend of 'reverse flipping' where startups are returning home for capital access and tax benefits, according to Commerce Secretary Sunil Barthwal. Emerging technologies and the digital economy are accelerating this growth, showcased at an event in Singapore attracting global investors.

PTI | New Delhi | Updated: 07-06-2024 14:22 IST | Created: 07-06-2024 14:22 IST
India's Booming Economy Spurs 'Reverse Flipping' Trend as Startups Return Home
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As India's growth rate continues to outpace other emerging markets, a notable trend of 'reverse flipping' has emerged. Startups that once relocated abroad for better capital and tax incentives are now finding fertile ground back home, stated Commerce Secretary Sunil Barthwal.

Speaking at an event in Singapore organized by the commerce ministry, Barthwal highlighted that the digital economy and emerging technologies, such as AI and data centers, are cornerstone factors propelling India's future growth. The event, held in conjunction with the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, underscored India's investment potential.

The ministry reported that India's economy grew by 8.2 percent in the fiscal year ending March 2024, solidifying its status as the fastest-growing major economy. The event drew over 60 participants from a global pool of investors and financial institutions, eager to explore opportunities in India's dynamic market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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