March 2024

Mohammad Anas Wahaj | 26 mar 2024

India has a thriving entrepreneurship and innovation ecosystem. Traditionally India has always been an enterprising economy with sizeable individuals involved in small and medium enterprises. But, last decade has seen a significant rise in tech-driven new age entrepreneurship and startup culture. Mr. Shri Sanjiv, Joint Secretary (Startup India) at the DPIIT (Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, GOI) provides the detailed explanation of India's evolving entreprenurial landscape, government policies and programs such as Startup India Initiative and involvement of sizeable young minds that are a large demographic of India. He says, 'Eight years ago, on January 16, 2016, India embarked on an ambitious journey, one that would transform the face of the innovation and entrepreneurship ecosystem...The number of recognised startups in the country has gone from around 400 in 2016 to more than 115000...The unprecedented success of India's startup ecosystem is a positive indicator of the nation's ability to be self-sustaining and to provide prosperity to all segments of society...the launch of the Startup India initiative in 2016 with a simple goal: to create an environment that would empower the people of India to become entrepreneurs and create world-class startups...the systemic approach followed by DPIIT to drive the Startup Indian Initiative: Ideate, Implement, and Innovate. A consistent and comprehensive approach has led to the ideation of targeted flagship programs under the Startup India initiative. The three flagship schemes,i.e., the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme(SISFS), and the Credit Guarantee Scheme for Startups (CGSS), demonstrate this philosophy clearly. They were designed keeping in mind that it was neither practical nor ideal to have a one-size-fits-all approach to funding due to the nature of a startup's lifecycle...India is a large country, both in terms of geography and demography, with multiple different factors at play at any given point in time. This was a major consideration under the Startup India initiative and led to the conceptualization of programs such as the National Startup Awards (NSA) in 2020 and the States' Startup Ranking Framework (SRF) in 2018. Both of these programs aim to promote innovationacross the length and breadth of the country...With the notification of the National Startup Advisory Council, policymakers from the government and startup ecosystem stalwarts have worked tirelessly to guide the initiative and suggest practical steps, leading to the development of national initiatives such as the Startup India Investor Connect Portal, the National Mentorship Portal (MAARG) (Mentorship, Advisory, Assistance, Resilience, and Growth), and Startup Champions 2.0, amongst others...visit the Startup India Hub portal, and find all the resources they need to set up a startup...The ideation and institutionalization of Startup20 Engagement Group under India's G20 Presidency in 2023 is a testimony to the government's bringing startups to mainstream policy making agendas and the impact of our startup ecosystem on a global scale...Reaching the goal of Viksit Bharat@2047, the 100th year of independence, represents multiple new possibilities for both the government and India's startups...As we celebrated National Startup Day on January 16th and Startup India Innovation through the month of January 2024, the efforts of all stakeholders...are indispensable to transforming India into a global startup hub.' Read on...

Times Now: India's Startup Revolution: Exploring the Rise of Innovation and Entrepreneurship
Author: Shri Sanjiv

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