3 ms·
Unfortunately, the red-tapism & lack of political push to bring & nurture the startup culture is leading folks to move to greener pastures. Also the 'Make in In
by srvmshr 4y ago
Unfortunately, the red-tapism & lack of political push to bring & nurture the startup culture is leading folks to move to greener pastures. Also the 'Make in India' initiative is lacking the punch to retain talent. Those who are staying back / returning are the ones who have family obligations (supporting parents, raising kids etc) or just more comfortable with the local culture. In theory, the default should not be finding an opportunity abroad.
- ido 4y agoWhy Dubai specifically? I would imagine other places (like Singapore) would be more attractive. I recall stories of visa traps being used to abuse workers from the Indian subcontinent in UAE, but maybe these don't apply to higher status (like business people and tech workers)?
- rakejake 4y agoFrom the article: "The main reason for this exodus of wealthy technologists is the complete waiver on personal income tax and minimal capital gains tax. India levies a personal income tax of 30% on income above 15,00,000 rupees ($19,300), which can go up to 42%, including a surcharge and a long-term capital gains tax of 10%–20%."
- rakejake 4y agoThe article is light on actual stats but the quoted 44000 for the golden visa is across all categories (medicine, students, investors, founders etc). So, crypto/web3 is moving because the govt seems genuinely hostile to them, and the unicorn founders are moving because of tax benefits. The article seems to hint that some of these founders were specifically approached and enticed with funding as well. I don't expect the Indian govt to do anything since I think the amount of FDI from the middle east far outweighs the loss in taxes. Plus, Dubai is a rich-people city and, like Los Angeles, has an industry dedicated to HNIs.