Financial Services
Indian fintechs face big test as economy feels the heat
21 Apr 2020
With 140 companies, India produced the highest number of entries on the 500-strong ranking. Yet although four of the top 10 Apac cities on the list by the number of companies are Indian — Mumbai, Bengaluru, New Delhi, Hyderabad — if combined, the total would still only come second to Singapore. (As with the 2018 ranking, China is excluded due to difficulties in verifying company data.)
Comparatively lower tax rates elsewhere have helped lure some businesses away from India. Many companies often incorporate outside of the country to take advantage of more flexible intellectual property and employee stock ownership regulations, says Madhur Singhal, managing director of consulting firm Praxis Global Alliance.
“The legal and taxation construct is a lot more flexible outside India,” says Mr. Singhal, despite New Delhi working to create a better environment for businesses.
Featured Leader: Madhur Singhal
This article was originally published on Financial Times. Read more.
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