The number of startups recognized in India increased from 471 in 2016 to 72,993 in 2022, a significant increase of 15,400%. Data show that the new era of companies is spread across 56 diverse industries, with more than 4,500 startups recognized in industries such as the Internet of Things (IoT), robotics, artificial intelligence, and analytics.
“The entire start-up and technology ecosystem is the growth engine of every country. Recognizing this, the government launched the Startup India initiative on January 16, 2016, which further promotes economic growth and It aims to build a stronger ecosystem to foster an Indian startup culture that supports entrepreneurship and enables large-scale employment opportunities, the Ministry of Industry and Trade said in a statement.
In a written answer to the question raised by Rajya Sabha, Minister of Trade and Industry Som Prakash said the government is implementing a Fund for Startups (FFS) scheme and a Startup Scheme India Seed Fund Scheme (SISFS). Said. Funding startups through Alternative Investment Funds (AIF) and Incubators, respectively.
The government has set up an FFS with a corpus of Rs 10,000 to meet the funding needs of start-ups. DPIIT is the supervisory body and the Small and Medium Enterprise Development Bank of India (SIDBI) is the governing body of FFS.
The Startup India Seed Fund Scheme (SISFS) aims to provide start-ups with proof-of-concept, prototype development, product testing, market entry, and commercialization, with 945 Chlore under the SISFS program. It is licensed annually. From 2021 to 22. Easy access to capital is essential for entrepreneurs in the early stages of business growth. The capital required at this stage often represents a crucial situation for startups with good business ideas.
According to a statement from the ministry, the Ministry of Science and Technology (DST) launched a comprehensive program called the “National Innovation Development and Development Initiative” (NIDHI) in 2016 to promote ideas and innovation (based on knowledge and technology). have started. For a successful startup.
Under NIDHI, through scholarship awards, EIR (Entrepreneurs-In-Residence) programs, and promotion and acceleration of startups (PRAYAS), young and ambitious innovators and start-ups that provide financial support to turn ideas into prototypes. There are a variety of programs, from students who choose entrepreneurship. Make entrepreneurial support available to incubation companies, provide mentorship and investment readiness support through accelerators, and create an Outstanding Center for Incubation (CoE).
“To promote innovation in the biotechnology sector, the biotechnology sector supports and encourages new companies in the biotechnology sector through the Biotechnology Industry Research Support Council (BIRAC). The main program is BioNEST (BioNEST). The Biotech Ignition Grant (BIG) program and the Biotech Ignition Grant (BIG) program, which fosters the entrepreneurial spirit of scale technology, “he added.
The Startup India Action Plan was announced on January 16, 2016 to support domestic startups. The action plan consists of 19 action points covering areas such as “simplification and management,” “support and financial incentives,” and “industry.” -Academic Society and Incubation “. The Action Plan laid the foundation for government support, programs and incentives designed to build a vibrant startup ecosystem in the country.
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