Prime Minister Narendra Modi propelled an initiative that promises to bring growth to the start-up ecosystem. This flagship initiative that goes by the name of the Start-up India initiative aims to boost the Indian economy by giving new entrepreneurs opportunities. It, in turn, creates employment and adds to the nation’s wealth. It is based on the three pillars – issuing appropriate funding support to the start-ups, providing Industry-Academia partnership and growth. The initiative was hell-bent on restraining land permissions, license raj, environmental clearances, etc. This initiative is seen as the next big thing that would help capable talents grow their ideas, which help to put India on the map of strong economies.
While addressing the nation, the prime minister announced the start-up India campaign on 15th August 2015 at Red Fort, New Delhi. This campaign was introduced under India’s Government as an initiative to develop 75 start-ups support hubs in India. The Start-up India scheme was launched on 16th January 2016 to support the start-ups in India by providing bank finances, inaugurated by the former finance minister, Arun Jaitley.
The major objective of the start-up India Initiative is to discard some of the restrictive policies of the state government, which include license raj, land permissions, foreign investment proposals, and environmental clearances. The start-up India initiative is based on the three pillars, which include providing funding support incentives to the start-ups, simplification, and handholding, and providing Industry-Academia partnership and incubation. The government will help support the new ideas and capabilities of young and aspiring minds and implement their idea to grow. The success of start-up India will eventually help grow the Indian economy and emerge as a strong nation.
The Department for promotion of Industry and internal trade issued a notification on February 19, 2019, that defines a start-up. A start-up is;
A business entity shall cease to exist as a start-up after it completes seven years from the date of incorporation or if such start-ups’ turnover exceeds Rs. 25 crores in any of the financial year. An entity that has been created by splitting the existing business will not be considered a start-up.
The Start-up initiative is aiming to create prosperity in India. It is an example of how the government plays an important role in fosters the growth of India’s start-up community. It includes a series of an initiative which is designed to accelerate start-up formation and development. The government is offering financial assistance to start-ups and has allocated Rs. 500crore funding for specifically targeted groups like women entrepreneurs. An additional rebate of 80% and capital gain tax exemptions are provided for the start-ups.
From 2013 to 2018, about 7700 tech start-ups were created, which is equal to an overall base growing at a rate of 15%. Bangalore is India’s primary hub regarding the number of start-ups, investors, and support organizations. Three of the biggest Indian employers in the IT sector are headquartered in Bangalore itself. In addition to this, the Karnataka government is designing and implementing various policies to create a suitable environment for business. Significant start-up activity is also taking place in Mumbai and the National Capital Region (NCR). In a recent report, all these three cities are members of a group called ”Elite Global Start-up Hubs”.
Under the start-up India initiative, as of 2015, an estimated 80,000 jobs have been created by India’s technology start-ups.
The start-ups are beginning to spread benefits beyond traditional locations into regional economies. It is the start-up that helps create new jobs in any country as they are the core centers of innovation and help enhance employment opportunities. With more and more start-ups, India aspires to be a world leader in skilled work, and the economy stays healthy, vital, and diligent, while individual companies find it harder to fall asleep on their laurels. Start-up India Initiative is crucial in the Indian economy as it brings innovations, new jobs, and competitive dynamics into the business environment. Start-up works in an environment of changing technology and stimulates the process of economic development in India. India is home to almost 3100 start-ups starting per year, standing behind the US, UK, and Israel.
With the continued growth at the same pace, Indian tech start-ups are expected to generate almost 2.5 lakhs jobs in the next five years. It is anticipated that India will be home to 112 million working population falling in the age of 20-24 years by 2020 compared to that of 94 million workers in China. This demographic number is going to boost up the start-ups of the Indian economy. The indigenous start-up India initiative such as handlooms, textiles, agarbatti, Khadi, etc., will not only help in shaping the lives of the people easier but also act as a major booster for the development and progress of the Indian economy.
The start-up India initiative is one of the best Indian government start-ups schemes for entrepreneurs as it provides various policies for entrepreneurship programs.
The Following are the lists of government schemes for the start-up India initiative.
The above schemes have been introduced to develop the Indian start-up ecosystem in India.
Aatmnirbhar Sena is serving all day and night to ensure that they can stabilize all the fresh start-ups not just in India but also abroad. It could reach all the global markets, and people from abroad also get a clear picture of new India and indulge in our business and products.
Aatmnirbhar Sena is working on touching every corner of the country by organizing workshops and motivating program for all fresh and imaginative minds. By doing this, they are not just spreading awareness about one’s own potential to thrive in their startup but also instructing them to be the independent entrepreneur of new India, which will eventually contribute to the vibrant eco-system.
The start-up India initiative is a flagship program of India’s government under the leadership of Prime Minister Narendra Modi, which intends to bring a revolution in the start-up ecosystem of India. The idea behind the start-up India initiative is to increase wealth and create employment opportunities by giving wings to the entrepreneurship spirits. Aatmnirbhar Sena is lending the platform to all the young minds, ideas, and standing tall with them by endorsing each of them. When all the local businesses come together and get the government’s backing, it will lead us to so many likelihoods for new hope and growth of India.