26 December 2024 : PIB Summary For UPSC
1. The Future Hub of Global Entrepreneurship
(Source – The Hindu, International Edition – Page No. – 4)
| Context |
| India has emerged as a global leader in startups, ranking as the 3rd largest startup hub. Government initiatives and a dynamic workforce have driven innovation in sectors like fintech, edtech, and health-tech. India’s growing startup ecosystem is gaining global recognition. |
India’s Position in the Global Startup Landscape:
- India is the 3rd largest startup hub globally, with over 100 unicorns and more than 73,000 startups with at least one woman director.
- Nearly half of India’s 1,57,066 startups are supported by the government under the Startup India Initiative, highlighting the significant role women play in driving innovation.
Growth and Transformation:
- Over the past decade, India has seen a paradigm shift in its entrepreneurial spirit, with cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR becoming innovation hubs.
- The widespread availability of affordable internet and a dynamic, young workforce have fueled growth across sectors like fintech, edtech, health-tech, and e-commerce.
Emerging Technologies:
- Indian startups are leveraging emerging technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to address both local and global challenges.
- The startup ecosystem is supported by incubators, accelerators, and mentoring networks, creating a bridge between grassroots issues and advanced technological solutions.
Government Initiatives:
- The Indian government has introduced several initiatives to support entrepreneurship, with the Startup India program being a cornerstone.
- As of December 25, 2024, 157,066 startups have been recognized under the Department for Promotion of Industry and Internal Trade (DPIIT).
- Key features of the program include ease of doing business, tax benefits, funding support through the Fund of Funds for Startups (FFS), and sector-specific policies.
- Platforms like BHASKAR have streamlined collaboration among key stakeholders in the ecosystem.
Support for Innovation:
- Initiatives like the Atal Innovation Mission (AIM) and NIDHI provide infrastructure and financial support to innovators.
- The SAMRIDH scheme, launched in 2021, aims to support 300 software product startups with funding up to ₹40 lakh per startup.
Impact on the Economy:
- Startups have created over 1.6 million jobs, contributed to GDP growth, and attracted significant foreign investments.
- Rural-focused startups are improving healthcare, education, and agriculture, promoting inclusivity.
Global Impact and Success:
- Indian startups like BYJU’S, Zomato, Ola, and Nykaa have expanded globally, showcasing India’s ability to scale and compete worldwide.
- Indian-origin startups in Silicon Valley further highlight India’s global influence, with innovations like UPI and Aadhaar inspiring global solutions.
India’s Path Forward:
- With a young, educated population, growing middle class, and increasing digital penetration, India is positioned for exponential growth.
- The country’s focus on fostering innovation and its investor-friendly environment make it a leader in the global startup ecosystem.
| Practice Question: Discuss the key factors driving the growth of India’s startup ecosystem and the role of government initiatives in fostering innovation. How can India’s startup landscape contribute to its economic development and global influence? (250 Words /15 marks) |
For more such UPSC related Current Affairs, Check Out –24 December 2024 : PIB Summary For UPSC
