The move would set the stage for unicorns and other entities to have easier access to a larger pool of foreign capital, they said, adding that it could also encourage a greater number of startups, with Indians at the helm, to incorporate within the country instead of jurisdictions like Singapore.
IFSC represents one step in India s extremely gradual relaxation of capital controls. Indian financial intermediaries need to play a bigger role in channelling credit, investment and remittances from overseas.
State-owned REC announced on Wednesday that a group of six banks helped it raise USD 1.15 billion in two installments in August. According to the Reserve Bank of India s ECB requirements, loan proceeds must be used to finance projects in the infrastructure, logistics, and power sectors.