16 January 2025 : PIB Summary For UPSC
1. With 1.59 lakh startups, India is now world’s 3rd largest startup ecosystem
(Source – https://pib.gov.in/PressReleseDetail.aspx?PRID=2093125®=3&lang=1 )
| Context |
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Introduction: Celebrating Nine Years of Startup India
- Launched by the Government of India, Startup India was designed to encourage innovation and the growth of startups across the country.
- As of January 15, 2025, over 1.59 lakh startups have been recognized by the Department for Promotion of Industry and Internal Trade (DPIIT).
- India is now the third-largest startup ecosystem globally, with more than 100 unicorns driving global innovation.
- Key hubs for startups include Bengaluru, Hyderabad, Mumbai, and Delhi-NCR, with smaller cities also making significant contributions.
Key Milestones of Startup India
- The number of DPIIT-recognized startups grew from 500 in 2016 to 1,59,157 by January 15, 2025.
- As of October 31, 2024, 73,151 recognized startups had at least one woman director, showing the rise of women entrepreneurs.
- Over 16.6 lakh direct jobs have been created by these startups from 2016 to October 31, 2024, contributing significantly to employment generation.
Core Features of Startup India
- Ease of Doing Business: The initiative simplifies compliance, offers self-certification, and provides single-window clearances to make it easier for startups to operate.
- Tax Benefits: Eligible startups are given tax exemptions for three consecutive financial years.
- Funding Support: The ₹10,000 crore Fund of Funds for Startups (FFS) helps with early-stage funding.
- Sector-Specific Policies: Special policies for sectors like biotechnology, agriculture, and renewable energy support growth in these areas.
Jobs Created by Startups
- As of October 31, 2024, DPIIT-recognized startups had created over 16.6 lakh direct jobs across various industries.
- The IT Services sector led with 2.04 lakh jobs, followed by Healthcare & Lifesciences with 1.47 lakh jobs, and Professional & Commercial Services with around 94,000 jobs.
Flagship Schemes Under Startup India
- Startup India Seed Fund Scheme (SISFS)
- Credit Guarantee Scheme for Startups (CGSS)
- Fund of Funds for Startups (FFS)
Other Initiatives Under Startup India
- Capacity Building: Workshops and handholding sessions are conducted across the country, especially in non-metro cities, to strengthen regional ecosystems.
- Outreach and Awareness: Initiatives like startup showcases and social media promotions inspire entrepreneurs and provide funding, incubation, and mentorship opportunities.
- Ecosystem Development Events: Events like Startup Mahakumbh and Startup India Innovation Week foster collaboration and innovation.
- International Exposure: India’s G20 Presidency and Startup20 Engagement Group help connect India’s startups with global economies.
- Ecosystem Collaboration: The Startup India Hub portal provides resources and opportunities for startups to grow.
BHASKAR: Empowering India’s Startup Ecosystem
- The Bharat Startup Knowledge Access Registry (BHASKAR), launched in September 2024, connects startups with investors, mentors, and government bodies.
- BHASKAR aims to foster innovation, streamline processes, and promote India as a global innovation hub.
Startup Mahakumbh: Celebrating Innovation
- The Startup Mahakumbh event brings together startups, unicorns, investors, and industry leaders.
- The 2024 edition had 48,000 attendees and 1,300 exhibitors, showcasing the growing importance of the event.
- The fifth edition will take place in March 2025 in New Delhi.
Conclusion
- As India aims to become a global leader in innovation, the Startup India initiative remains a major driver of economic growth and entrepreneurial success.
| Practice Question: DDiscuss the key achievements and challenges of the Startup India initiative in fostering innovation and entrepreneurship in India. How has it contributed to economic growth and employment generation?is (250 Words /15 marks) |
For more such UPSC related Current Affairs, Check Out –15 January 2025 : PIB Summary For UPSC
