The Supreme Court did not see the issue in Tiger Global as an isolated dispute over taxation. It viewed the issue against the broader backdrop of treaty interpretation and the play of sovereign powers.

Due mostly to a 42% drop in start-up investments and a 33% drop in total deal volume, the PE/VC market dropped 11% year over year in 2023.

With elimination of unreasonable retrospective tax regime, India could inspire trust in the regulatory and tax framework among investors.