Startup India

Startup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech in 15 August 2015.

A startup defined as an entity that is headquartered in India, which was opened less than 10 years ago, and has an annual turnover less than ₹100 crore (US$14 million). Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 10 lakh (1 million) mobile app start-ups, and the MUDRA Bank's scheme (Pradhan Mantri Mudra Yojana), an initiative which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. Initial capital of ₹20,000 crore (equivalent to ₹230 billion or US$3.2 billion in 2019) has been allocated for this scheme.

 

Startup India:

  • Startup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech in 15 August 2015 address from the Red Fort, in New Delhi.
  • The event was inaugurated on 16 January 2016
  • The action plan of this initiative is focussing on three areas:
    • Simplification and Handholding.
    • Funding Support and Incentives.
    • Industry-Academia Partnership and Incubation.
  • A startup defined as an entity that is headquartered in India, which was opened less than 10 years ago, and has an annual turnover less than ₹100 crore.

Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 10 lakh (1 million) mobile app start-ups, and the MUDRA Bank’s scheme (Pradhan Mantri Mudra 

 

Overview of Startup India Action plan

In order to meet the objectives of the initiative, Government of India Action Plan that addresses all aspects of the Startup ecosystem has been announced. With this Action Plan the Government hopes to accelerate spreading of the Startup movement:

  • From digital/ technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc.; and
  • From existing tier 1 cities to tier 2 and tier 3 cities including semi-urban and rural areas.

The Action Plan is divided across the following areas:

  • Simplification and Handholding
  • Funding Support and Incentives
  • Industry-Academia Partnership and Incubation

 

Startup India

Country

India

Prime Minister(s)

Narendra Modi

Ministry

Ministry of Commerce and Industry
(Department for Promotion of Industry and Internal Trade)

Key people

Suresh Prabhu, Piyush Goyal

Launched

January 16, 2016; 5 years ago
Vigyan Bhavan, New Delhi

Status

Active

Website

startupindia.gov.in

 

Various benefits under it:

  • 10,000 crore startup funding pool.
  • Reduction in patent registration fees.
  • Improved Bankruptcy Code, to ensure a 90-day exit window.
  • Freedom from inspections for first 3 years of operation.
  • Freedom from Capital Gain Tax for first 3 years of operation.
  • Freedom from tax for first 3 years of operation.
  • Self-certification compliance.
  • Created an Innovation hub, under the Atal Innovation Mission.
  • To target 5 lakh schools, and involve 10 lakh children in innovation-related programmes.
  • New schemes to provide IPR protection to startup firms.
  • Built Startup Oasis as Rajasthan Incubation Center.

 

State rankings:

  • The second edition of the exercise was launched in 2019 and has now been completed with active participation of 22 states and 3 Union Territories.
    • Best performer: Gujarat, Andaman & Nicobar Islands
    • Top performers: Karnataka, Kerala
    • Leader: Maharashtra, Odisha, Rajasthan, Bihar, Chandigarh
    • Aspiring leaders: Telangana, Uttarakhand, Haryana, Jharkhand, Punjab, Nagaland
    • Emerging startup ecosystems: Chhattisgarh, Himachal Pradesh, Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Assam, Delhi, Mizoram, Sikkim.