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Jan 05, 2021

Year ender-2020: A report on Start up India

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In our Special Series Year ender-2020 today we bring you a report on Start up India. After coming to power in 2014, Narendra Modi Government has given a special focus on the Start ups to promote innovation.
Startup India  campaign was first announced by Prime Minister, Narendra Modi during his speech in 15th August 2015 address from the Red Fort . Mr Modi said the government is taking several steps to promote young entrepreneurs in the country.
Interacting with young start-up entrepreneurs and innovators from across the country through video conferencing on 6th June, 2018, Prime Minister highlighted that adequate capital, courage and connecting with people are required for excelling in the start- up sector. The action plan of this initiative focussed on three areas, simplification and Handholding, Funding Support and Incentives and Industry-Academia Partnership and Incubation.
With over 40,000 recognized startups, India has transformed into the third largest startup ecosystem supplementing employability as well as enhancing our self-reliance. Startup India’s role has been vital in nurturing entrepreneurship beyond Tier one cities.  With the launch of the Startup India campaign, recognized startups have now spread across 586 districts with a total of 29 States and UTs with Startup Policies in place, creating more than 4.2 lakh jobs. Entrepreneurs now have options to avail benefits across a range of laws, regulations, fiscal and infrastructural support. Startup India has also played a pivotal role in strengthening the key pillars identified for our startup economy.

Ten Thousand two hundred ninety four crore rupees Startup Fund of Funds has been launched by the Ministry of Commerce and Industry to promote availability of risk capital in the Indian economy.  Startup India has facilitated procurement from startups on the Government E-Marketplace (GeM) portal. Presently, 7438 startups have serviced orders worth over 1800 crore rupees on GeM portal.
To further bridge the Indian Startup ecosystem with the Global ecosystem, engagement models with 11 countries including Korea, UK, Netherlands, Sweden, Portugal, etc. have been built. Startup India launched the StartupYatra in 2017 which took the momentum to rural and non-metro regions, reaching the grass root level of the states. The National Startup Awards have been conceptualized to further strengthen the Indian startup ecosystem. Atal Tinkering Labs by the Atal Innovation Mission  aims to inculcate entrepreneurial skills in school students. Over 14,000 schools have been selected to set up Atal Tinkering Labs . Needless to say, perseverance in the start ups holding the core values  important to succeed.

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