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Startups in India
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design. The action plan comprises of 19 action items spanning across areas such as “Simplification and handholding”, “Funding support and incentives” and “Industry-academia partnership and incubation”. Since its inception, 28,979, Startups across the country have been recognised by Department for Promotion of Industry and Internal Trade (DPIIT)
Salient features of Startup India Action Plan
- Compliance Regime based on Self-Certification
- Startup India Hub
- Rolling-out of Mobile App and Portal
- Legal Support and Fast-tracking Patent Examination at Lower Costs
- Relaxed Norms of Public Procurement for Startups
- Faster Exit for Startups
- According to data available with the SIDBI, the Startup India fund has allocated Rs 2,265 crore to Venture Capital (VC) funds at the end of March 2019, falling short of its capital allocation target by around Rs 1,000-1,200 crore.
- It was launched in the year 2016 with the corpus of Rs.10,000 crore, to be built over 14th and 15th Finance Commission cycles. SIDBI manages the fund.
- A venture capital (VC) fund is a sum of money that investors commit for investment in early-stage companies.
Government Innitiatives:
Setting up of 7 New Research Parks Modeled on the Research Park Setup at IIT Madras
- Promoting Startups in the Biotechnology Sector
- NIDHI (National Initiative for Developing and Harnessing Innovations)
- Uchhattar Avishkar Yojana
- Innovation and Entrepreneurship Development Centres (IEDCs)
- Atal Innovation Mission (AIM) with Self-Employment and Talent Utilization (SETU) Program.
Way Forward:
- Annual Incubator Grand Challenge
- Promoting Startups in the Biotechnology Sector
- Harnessing Private Sector Expertise for Incubator Setup
- Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform