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Startup India Nation

The success journey STARTUPS RECEIVE SEVERAL BENEFITS

To mark the sixth anniversary of the Providing level field to entrepreneurs - Easy
approvals, simple winding-up process, legal
launch of the Startup India initiative, aid, fast-tracking patent applications, and
the Department for Promotion of website providing all relevant and useful
Industry and Internal Trade (DPIIT) information.
is organizing a week-long event Grants and Incentives- Income Tax and Capital
“Celebrating Innovation Ecosystem” Gains Tax exemption for eligible startups;
in January 2022. Fund of funds and credit guarantee scheme to
Accredited startups have now infuse more capital into the startup ecosystem.
expanded to 623 districts. At present, Incubation and Industry- Academia Partnership
there is at least one startup in each - Provision of multiple incubators and
State and Union Territory. innovation labs, events, competitions, and
When the scheme was started, support.
10,000 startups came into existence Other government benefits for setting up a startup
in 808 days. In the first year of the Small business loan. Easy access to funds.
scheme in 2016-2017, 743 startups Facilitating meetings with other entrepreneurs.
were recognized. In the year 2020- Crowd funding facility
2021 alone, more than 16,000 Unicorns have created a lot of curiosity
startups were recognized. A 'unicorn' is a startup whose value is at least 1 billion dollars,
Food processing, product that is, more than seven thousand crore rupees. Till 2015, there
development, application were hardly nine or ten unicorns in the country. According to
development, IT consulting, and a report, India made a rapid stride as in 10 months of 2021,
business support services have the India created a unicorn every 10 days and has added about 40
unicorns in the last 50 weeks Today there are more than 75
largest number of startups unicorns in India.
60,704 Startup recognized by With an average of 11 employees per startup, a total

DPIIT
of 48,093 startups have created 5,49,842 jobs in the
45% of leadership positions country. Around 1.7 lakh jobs have been created by
in startups are filled with
recognized startups in the period 2020-2021.
women professionals

starting business ventures owing to favorable and Promotion (DIPP), a Central Government
business conditions, instead of an emphasis on Department, “Startup is a company which is
finding jobs. registered in India within 5 years and its turnover
In the regular jobs, definitely, there is more does not exceed Rs 25 crore in a financial year.
security and guaranteed salary without much Additionally, it is expected that these companies
hassle. But today when someone makes up his may be working in the field of innovation,
mind to start a business then he is encouraged development, commercialization of the new
by others close to him. This scenario has product, technology-based service, or intellectual
changed due to the Startup India initiative. In property. The government gives incentives and
common parlance, startup means starting a new proper platforms to companies including financial
company. Today's startups are mostly venturing assistance under Startup India. The prospective
into new products or services. Mostly the young entrepreneurs may register, share their business
entrepreneurs are starting such companies on ideas or get their queries solved on the www.
their own or in collaboration with two-three people. startupindia.gov site. The cutting-edge business
According to the Department of Industrial Policy ideas are duly acknowledged and promoted.

New India Samachar January 16-31, 2022 43