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Born out of the Swadeshi movement - a self-sufficiency movement that was part of India's freedom struggle in the early 1900s - the brand was created as a counterpoint to the expensive biscuits sold by the dominant international players at the time.

Some opposition comes from an Indian nationalist group that advocates for local businesses, the Swadeshi Jagaran Manch, which is close to Modi’s ruling party.

Nationalist group Swadeshi Jagran Manch, the economic wing of the ideological parent of Modi's ruling party, opposed the plan, saying such listings would mean less Indian oversight of domestic firms, while Indian investors would find it more difficult to trade in shares of companies listing abroad.

A source with direct knowledge told Reuters on Wednesday that representatives of Swadeshi Jagran Manch lobbied India's Finance Minister in a closed-door meeting in January to not proceed with the policy announcement.

Its opponents include Swadeshi Jagran Manch -- the economic wing of the ideological parent of Modi's ruling party -- which fears such listings will mean less Indian regulatory oversight of domestic firms and could hit the growth ambitions of capital markets in India.