- Minister of Railways and Minister of Commerce and Industry, Piyush Goyal, said, states and centers are working to make India a startup hub.
- Indian startups are growing rapidly in the global market. said, Piyush Goyal.
- India has the 3rd largest startup ecosystem in the world.
Minister of Railways and Minister of Commerce and Industry Piyush Goyal on Friday (September 11) while declaring the results of State Rankings 2019 said States and centers are working together to make India a global startup hub in the next few years.
Goyal quoted that under the leadership of PM Narendra Modi, India is making a huge difference in the business and startup world. From the past few years, Indian startups witnessed rapid growth and ease in fundraising.
“Our States, Union Territories, and Center are working in a spirit of cooperation, collaboration, and also competition, as we promote Startups in our regions. We are truly engaged in one of the most important developments of the 21st century,” said, Piyush Goyal.
“The Indian startup ecosystem has been growing rapidly under the leadership of PM Narendra Modi,” he added.
India has the 3rd largest ecosystem in the world. Government body DPIIT (The department for the promotion of industry and internal trade) has recognized over 27,916 startups and told 2-3 startups born every day.
Furthermore, Startups and MSMEs having a 28.9% share in India’s GDP. In the World Bank’s latest data, India has increased its position to 63rd globally in ease of doing business rankings.
The Startup India initiative by the country’s Department of Industrial Policy and Promotion helps build a positive, effective ecosystem in the country, turning business ideas into a reality for a flourishing startup environment.
According to the Hurun Global Unicorn list, India is a home of 21 unicorn startups which are collectively valued at $73.2 billion (Rs 5.5 approx lakh crore).
Moreover, One97’s Paytm is the most valued Indian startup with over $16 billion market valuation although the startup isn’t yet listed on the stock market.
The government of India is making its push towards the growth of the Startup Ecosystem in India by introducing resources, schemes, and policies. Here are some of the initiatives taken by the government for the push to the startup ecosystem.
- Startup India: Its an initiative launched by PM Narendra Modi during 5 August 2015 address from the Red Fort, in New Delhi. The plan of this initiative was to bring Simplification, Funding Support, and Industry Partnership. Under the ‘Startup India’ initiative, eligible startups can get recognized by DPIIT, in order to a host of tax benefits, easier compliance, IPR fast-tracking & more.
- MUDRA Bank: The Indian government introduced MUDRA Bank to improve and enhance the credit facility for the early age businesses and startups. In 2015, the government allocated 10,000 crores to promote startup culture in the country.
- Atal Innovation Mission: The main purpose to establish this mission is to provide a promotional platform that will involve the academicians, and drawing upon national and international experiences to foster a culture of innovation, research, and development.