Startups are Entering the Golden Age : India

Startups are entering the Golden Age

Highlights

New Delhi: “On Saturday, the Prime Minister announced that 16 January will be National Startup Day. India’s startups ecosystem has a symbolic victory with this announcement.”

Announcement

This week was Startup India Innovation Week, organized by the Department for Promotion of Industry and Internal Trade (DPIIT). During the event, more than 150 startups explored charging infrastructure, defense manufacturing, chip manufacturing, and drone applications.

To promote the culture of start-ups across the country, the Prime Minister’s Office declared January 16 as National Startup Day.

Observing that 42 startups became unicorns last year, Modi said: “Today, India is rapidly moving towards the century of the unicorn.”. A golden age for Indian startups is beginning now.” India currently has 82 unicorns.

Topics Discussed

As part of the event, six groups of startups presented their ideas to the Prime Minister on the following topics:

  •  “Growing from roots”
  • “Nudging the DNA”
  •  “From local to global”
  • “Building champions in manufacturing”
  •  “Sustainable development”

Their discussions covered a range of topics, including: 

  • The collection of data in agriculture
  • Making India a preferred Agri-Business hub
  • Improving the quality of healthcare through the use of technology
  • Combating mental health issues 
  • Innovative methods to promote travel, including virtual tours, ed-tech, job identification, and the space sector.

Steps by the Government

Additionally, Modi outlined all the steps the government is taking to support startups, including:

  • Removing the problem of angel tax 
  • Simplification of tax procedures
  • Arranging for government funding
  • Allowing self-certification for nine labor laws and three environmental laws
  • Removing more than 25 thousand compliances.

Furthermore, SIDBI will set aside 10% of its Fund of Funds for women-led startups. Alternative Investment Funds (AIFs) where it takes equity must contribute 20% to businesses led by women, influenced by women, employed by women, or centered around women.

Mayank Kumar, CEO, and co-founder of UpGrad believes startups might benefit from reexamining the taxation of employee stock ownership plans under health care reform. This is because the government continued encouragement of entrepreneurship is encouraging young entrepreneurs.

Startup Ecosystem Report (Previous Years)

Also, PM pointed out metrics and numbers that indicate that the startup ecosystem is growing. 

  • A total of 4,000 patents got approval in 2013-14, and more than 28,000 got approval in the last year alone. 
  • According to the Prime Minister, 7000 trademarks registration took place in 2013-14, and 2.5 lakh in 2020-21.

According to him, India is now ranked 46th in the global innovation index, up from 81st previously.

“Don’t keep your dreams local, make them global,” he told the young entrepreneurs, believing that Indian startups can easily reach the global stage. This mantra should guide us: “Innovate for India, innovate from India”.

Areas where Startups can take place

Additionally, Modi listed many areas in which startups can play a major role. It includes: 

  • Electric vehicle charging infrastructure 
  • Defense manufacturing 
  • Chip manufacturing
  • Drone development.

India’s new drone policy led to the Indian Air Force, Navy, and Army giving orders worth $500 million to drone startups. Among the potential areas discussed by him were ‘walking to work’, integrated industrial estates, and smart mobility.

‘Industry 4.0’ enables us to reach new possibilities. This is why the government is now concentrating on future technology research,” he said.

“Startup day is an attempt to promote Indian startups,” he elaborated.

 

                             “Its A Proud Indian Moment”

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  • An enthusiastic and dedicated writer, Parul is always keen to learn and explore something new. She is open to learning and writing unique content in various niches like food, travel, photography, etc.

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