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Start-up India is an initiative that the country’s government started, and the Prime Minister of the country announced this in his independence speech in 2015. However, it was officially titled ‘Start-up India’ and was launched in January 2016. This initiative aimed to promote the spirit of entrepreneurship among the younger generations or the upcoming generation of the country. It also aimed to increase employment opportunities and the country’s economic status.
Overview: Start-up India
Start-ups are important for India. Start-up India is a leading driver of the government of India, planning to catalyse start-up culture and construct a solid and comprehensive environment for development and business in India. According to the recent statistics and reports, India is the world’s 3rd largest start-up ecosystem, with 61,000 start-ups in 55 sectors spread across the country in 635 districts. India’s current prime minister dedicated 16th January as Nation start-ups Day, commemorating when the initiative was launched.
Benefits Of Start-up India
The benefits of the Start-up India Scheme launched by the government of India are as follows:
It makes the work process easy for the start-ups to register their business on the government portal and launch themselves without any difficulty.
Under this scheme, the government has also decided to invest in start-ups to help support them financially. The government has also provided them the facility of tax exemption for the initial 3 years of their business.
The government has also prioritised the start-ups when it comes to government tenders. There is no second thought that government tenders of bulk quantity with high payment help boost the business.
Why Are Start-ups Important?
In India, more than 60% of the population falls under the working population that has the ability and skills to improve the country’s economy. It was during the pandemic that a boost in start-ups was observed. Now that we understand that it is a booming initiative, let us look at why they are important:
It will boost the economy of the country.
It will help India become a job creator instead of a job seeker.
It will transform India from a developing country to a developed country.
It also brings new opportunities and innovations in technology competing with the other countries of the world.
It will make India an outsourcer of high-end technology to many international companies with their innovations.
It will also make India a hub for international investments.
Leading Start-Ups In India
When it comes to entrepreneurship, India is regarded as one of the top countries. More than 300 Indian start-ups are successful and are recognized globally. Following is a list of some of the successful start-ups in India:
Urban Company started in 2014 and is known for providing home services.
Paytm started in 2010 is a renowned fintech company
Unacademy started in 2015, is a famous Edtech company.
Razorpay, founded in 2014, is also a successful fintech company
UpGrad started in 2015, is an Edtech Company.
Byjus started in 2011 and is a renowned Edtech company.
1mg found in 2015 is known for its healthcare technology of delivering generic medicines.
Delhivery, founded in 2011, is a logistic company
Big Basket, founded in 2011, is responsible and known for delivering groceries to doorsteps.
Ola, founded in 2010, is a tech company involved in providing transportation facilities.
The Start-up India Campaign
The Start-up India campaign initiated by the government of India provided a boost to Indian entrepreneurship in a variety of ways. The current Prime Minister’s vision of ‘make in India’ further strengthened the start-up campaign. It encouraged several people to invest in their native products rather than foreign products. Various government bodies contribute to this campaign and target the development of Start-up culture in India. Some of these government bodies are the Ministry of Human Resource Development (MHRD), the Department of Science and Technology (DST), the Department of Biotechnology (DBT), and many more. The DST and MHRD have joined hands and have come up with the idea of developing 75 start-up support hubs in different institutes across the country like the Indian Institute of Information Technology (IIITs), Indian Institute of Science Education and Research (IISERs), National Institute of Technology (NITs) and National Institute of Pharmaceutical Education and Research (NIPERs).
Conclusion
‘Start-up India’ began as an initiative taken by the Indian government. In the few years since its inception, it has already impacted its economy. Promoting the spirit of entrepreneurship among the younger generations or the upcoming generation of the country will provide the younger generation with ample opportunities to explore their entrepreneurial journey.
