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PM Modi at Startup Mahakumbh: India has solidified its position as the world’s third-largest startup ecosystem, marking a significant milestone in its journey towards becoming a developed nation by 2047, as envisioned by Prime Minister Narendra Modi.
Prime Minister Modi’s Vision
Addressing the audience at the Startup Mahakumbh on Wednesday, Prime Minister Modi applauded the unprecedented growth of India’s startup culture. He emphasized that this growth has transcended urban boundaries, becoming a social culture with young entrepreneurs bringing their innovations to small cities as well.
Startups will play a pivotal role in making India the 3rd largest global economy. pic.twitter.com/kpcMXXo5cx
— Narendra Modi (@narendramodi) March 20, 2024
He underscored the success of the startup scheme initiated a few years ago, highlighting its alignment with the ‘2047 Viksit Bharat’ roadmap.
The State of India’s Startup Ecosystem
As of December 31, 2023, official estimates from the Department for Promotion of Industry and Internal Trade (DPIIT) indicate the presence of approximately 117,254 recognized startups, including an estimated 110 unicorns. These startups have collectively generated over 1.24 million jobs, making a significant impact on the economy.
Ministerial Endorsement
Minister Piyush Goyal, also present at the event, emphasized the pivotal role startups play in nation-building. He highlighted India’s progress in the field of Intellectual Property Rights (IPR), with the country poised to become a leading destination for innovation.
Collaborative Efforts
The Startup Mahakumbh was a collaborative effort involving various entities such as Assocham, Nasscom, Bootstrap Incubation and Advisory Foundation, TiE, and the Indian Venture and Alternate Capital Association (IVCA). The event received support from DPIIT, MeitY Startup Hub (MSH), and Invest India.
Government Initiatives
The government has proactively promoted startup investments through initiatives like the Bharat Startup Ecosystem Registry, a component of the StartUp India program. This registry serves as a comprehensive database, connecting and assisting stakeholders within India’s startup landscape.
Efforts like GeM Portal have gone a long way in encouraging Startups pic.twitter.com/S2yGdcEqqI
— Narendra Modi (@narendramodi) March 20, 2024
Since its inception in January 2016, the Startup India initiative has aimed to nurture a robust domestic startup ecosystem, foster innovation, and facilitate investments.
Incentives for Startups
Startups recognized by DPIIT can avail themselves of different incentives through several schemes, which encompass the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
Read also: PM Modi Addresses Startup Mahakumbh, Emphasizes India’s Startup Progress
The Startup India Seed Fund Scheme, sanctioned for a four-year duration from FY22 with a budget of Rs.945 crore, seeks to offer financial assistance to startups for activities such as proof of concept development, product testing, prototype market entry, and commercialization.
