Six years ago, on 15 August 2015, Prime Minister Narendra Modi coined popular slogans — ‘Startup India, Standup India’.
In January 2016 Government introduced and the policy reforms such as funding support, bilateral government collaborations with various countries, and consistent messaging of hope and pride in Indian tech, Startup India attracted entrepreneurs from every corner of India. So, if we talk about the impact of these reforms then there is a boost in the number of startups over the past five years. After the launch of Startup India, 26 state governments launched their startup policies and overall 30 states have launched startup policies over the years. These policies along with the establishment of the state-sponsored incubators have been key drivers of the startup ecosystem throughout India. Further, 38 state-supported Atal incubation centres have been established in India since 2016.
Startup India programme says it has recognized over 34.8K startups. Among these, 8.3K startups received intellectual property rights (IPR) fee benefits, while over 2.6 Lakh people enrolled in the entrepreneurship-focused learning courses offered by upGrad and Startup India. Further, over $1 Mn worth of benefits were given to 5.5K startups as part of over 150 startup innovation programmes and challenges organized by Startup India. The government pledged to set up a fund of funds for startups, pooling together funds from various foreign institutional investors as well as alternative investment funds (AIF).
Department for Promotion of Industry and Internal Trade (DPIIT has widened the definition of startups under ‘Startup India. Till up to 10 years from its incorporation date. If an entity’s turnover for any of the financial years since its incorporation hasn’t exceeded INR 100 Cr.
In Feb 2020, India was ranked 63 among 190 countries on ease of doing business rankings by the World Bank, as compared to 142 ranks of India in 2015. According to the World Bank, the three main reasons for this jump in the ranking were India’s reduced cost of starting a business, better access to building permits and electronic submission of documents for import and export audits.
The various reforms have brought speed in startup India. New policies are attracting State Government’s to work together with Central Government. States are focusing on startups at all is a major positive.
Startup India gave the proper place to entrepreneurs to start their startups. 24 Indian Startups That Entered the Unicorn Club in 2021. There is a startup ecosystem with 60 Unicorn startups. The startup India has created space for employment in the youth. According to the (DPIIT), startups in India have created over 560,000 jobs till now – both direct and indirect employment. Today Indian startups are giving new heights to India in the world. Starts up on digital payment is giving India to the way of Digital India.
The startup is spreading their legs in every sector of Industries like Space, manufacturing, Artificial Intelligence etc. Startups are bringing innovation to the country. Startups like Yes Poho! Yeskart, PhonePe etc.