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On Thursday, Union Home & Cooperation Minister Amit Shah urged businesses to support startups fully due to their connections to the sector.
Since 2014, when there was only one unicorn in the nation, startups had advanced significantly. At the third version of the conference called “Sankalp Se Siddhi,” which was held in Bengaluru and was co-sponsored by the Ministry of Culture and CII, Shah remarked, “Today, with over 100 unicorn start-ups, the youth of India are representing the country on the global stage.”
Also Read: Goyal urges Venture Capital Funds to focus on Startups from Tier 2 and 3 cities
The Startup India initiative was launched on 16th of January, 2016 by Hon’ble Prime Minister, to contribute to his vision of transforming India into a country of job creators instead of job seekers.
What is a Unicorn?
Unicorn is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion.
India has emerged as the 3rd largest ecosystem for startups globally with over 74,400 DPIIT-recognized startups across 653 districts of the country as of 19th July 2022. India ranks #2nd in innovation quality with top positions in the quality of scientific publications and the quality of its universities among middle-income economies.
The innovation in India is not just limited to certain sectors. It has recognized startups solving problems in 56 diverse industrial sectors with 13% from IT services, 9% healthcare and life sciences, 7% education, 5% professional and commercial services, 5% agriculture and 5% food & beverages.
In order to achieve scale, Shah urged the industries to prioritise R&D efforts. “India’s business shouldn’t take into consideration rising its pace however about altering its scale and if scale is to be modified, then the thrust has to be given to R&D.”
What is a Startup?
An entity in order to be called a Startup, below points needs to be taken into consideration:
- Incorporated as a private limited company or registered as a partnership firm or a LLP in India
- Up to 10 years from the date of its registration/Incorporation
- Turnover for any of the FY’s since registration/incorporation hasn’t exceeded INR 1 Billion.
- It is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
Startup India Scheme:
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design.
Under the scheme, various benefits are to be provided to start-ups.
To know more about the Startup India scheme, click here.
“Under the leadership of Narendra Modi, the nation’s GDP growth in the year 2022 is 7.4 percent, which is much higher than many developed countries. This shows that our policies have been successful and are showing results,” He made this statement while speaking at the CII (Confederation of Indian Industry) sponsored “Sankalp Se Siddhi Tak” programme.
When Modi became prime minister in 2014, according to Shah, there was policy stagnation and scams totaling Rs 12 lakh crore were making news. “Crony capitalism was at its peak, the fiscal deficit was out of control, the ease-of-doing business was going downhill and our prestige in the world was waning. In such a situation, the people, making a historic decision, elected Shri Modi as the Prime Minister and after 30 years, a decisive government with an absolute majority came to power,” he said.
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