STARTUP INDIA PROGRAM-BOOST TO ECONOMY
Startup India is a multi fold program initiated by Our PM Mr. Narendra Modi to encourage entrepreneurship in India’s young generation.
Mr. Modi to encourage entrepreneurship in India’s young generation who despite being skilled and able to launch their own ventures become dependent upon various types of jobs and remain under employed. India’s demographic dividend is conducive to Startups with high potential. India as the youngest nation in the world and huge overall population has one of the largest consumer base in the world. For every unique need of every segment of population there is opportunity for new venture. Our infrastructure, healthcare, education systems are in dire need of up gradation where startups can make huge difference.
Start-up Facts-
- According to Ministry of Commerce, India, a startup is an entity that is headquartered in India which was opened less than seven years ago and has an annual turnover less than 25 crore (US$3.9 million).
- Ministry of HRD, Department of Science and Technology have partnered in an initiative to set up 75 Startup support hubs in the National Institutes of Technology (NITs), IITs, IISERs and NIPERs.
- The Reserve Bank of India has assured to take steps to help improve the ‘ease of doing businesses in the country and contribute to an ecosystem that is conducive for the growth of start-up businesses
Startup-India Detailed Analogy
Delhi NCR and Bangalore has highest number of startups predominantly because of economic activities of population of both cities. Cities like Jaipur, Chandigarh, Chennai, and Jodhpur are witnessing increasing startup activities. Successful startup like ZO rooms was conceived in small city like Jodhpur. Southern States like Karnataka, Kerala, Andhra Pradesh and Telangana have shown better results than the rest of the country in terms of their policies implementations for supporting startups. These states have focused on improving infrastructure, especially in the Tier-II cities. Launch of "Kerala IT Mission", which focus on fetching ₹50 billion (US$780 million) in investments for the State's startup ecosystem is a great example Kerala has made India's first telecom incubator Startup village in 2012. The state also matches the funding raised by its incubator from Central government in 1:1 ratio.
Telangana has launched the largest incubation center in India as "T-Hub". Andhra Pradesh has allocated a 17,000-sq.ft., Technological Research and Innovation Park as a Research and Development laboratory. It has also created a fund called "Initial Innovation Fund" of 100 crore (US$16 million) for entrepreneurs. Madhya Pradesh has collaborated with the Small Industries Development Bank of India ISIDBI) to create a fund of Rs. 200 crore (US$31 million) for Startup India campaign. Rajasthan has launched "Start-up Oasis" scheme. Government of Odisha organized a two-day Start-up Conclave in Bhubaneswar in November 2016. The main objectives of the event were to motivate youth towards entrepreneurship, showcase the start-up ecosystem in Odisha and attract more start-ups to the state.
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