Startups Make the Backbone of a Developing Nation

Backbone Of The Developing Nation
General
January 29, 2023

Many young Indians lately have a lot of ideas that start in the room but may or may not see the face of the board room. Well, what is why many innovative startup ideas never see the implications in reality? Various reasons stop a startup from actually becoming a successful future business. Well, one of the reasons is a high amount of government intervention during the process of creation. So Prime Minister Narendra Modi on Saturday had a video conferencing with young startup entrepreneurs. He addressed various issues faced by startups and his plans to overcome them as he believes that startups are the backbone of India. He wants government as a whole to take steps to free entrepreneurs and innovation from bureaucratic silos.

On January 16, 2022, Prime Minister Modi hosted an international summit co-hosted by the Department of Promotion of Industry and Internal Trade and the Ministry of Commerce and Industry. The Summit was held in response to Mr Modi announcement in Kathmandu, Nepal, in 2018 that India would host the bi-BIMSTEC startup conclave.

Summit Has The Following Significance

  1. The event commemorated the fifth anniversary of the Startup India project. Prime Minister Narendra Modi inaugurated the Startup India programme on January 16, 2016.
  2. The Summit brought together speakers from around the world to facilitate a discussion on the role of innovative technologies in developing robust policies, allowing international organisations and governments to share their perspectives and, as a result, driving them to solve problems and challenges.
  3. More than 25 countries and 200 global speakers attended the Summit, which was the largest startup conclave organised by the Indian government since the establishment of the Startup India initiative.

What All Advances In Startup

Since people's attitudes regarding startups have shifted from why start a job that will be safer to why not try something new and start your own Startup, only four Indian startups joined the union club in 2014. Since then, more than 30 businesses have surpassed the 1 billion thresholds. Amid the Corona period in 2020, 11 startups were inducted into the union club, and Prime Minister Narendra Modi thanked them for their commitment to AtamaNirbhar Bharat during the crisis. These startups were instrumental in assuring the availability of sanitiser, PPE Kits and similar products, which were critical during the Pandemic.

This gives us a motivation to ask the young entrepreneurs to work more towards the Startup not only in the top-tier status but also at the local levels. To give new opportunities to startups, a GeM portal was created. Where now we can see the register of around 8 thousand startups which has done business of 2300 crore through GeM portal  Mr Modi believes that incoming time GeM will only increase the presence of more Startup this will lead to the promotion of local manufacturing local employment and better investment in startup Research and innovation.

Startup  2

Government Help

To assist more startups, the government concentrates on three areas: first, liberating entrepreneurship and innovation from the web of government processes; second, developing an institutional mechanism to foster innovation; and third, handholding of young innovators and young businesses.

Because startups are assisting in a variety of areas, including agriculture, health, and emerging areas such as defence and chip manufacturing, the government wants to assist them by offering various money and simpler ways. The process has progressed thanks to measures such as reducing 'angel tax' issues, simplifying tax procedures, arranging for government funding, permitting self-certification of certain labour and environmental standards, and removing more than 25,000 compliances.

Not only did the Prime Minister announce the launch of India Startup India Street Point with 1000 rupees so that there is no shortage of seed money for the start of this, but he also announced that the government would assist startups in raising capital through guarantees. The fund of funds scheme is already helping to satirise equity capital, and the government will assist startups in raising capital through guarantees. India is attempting to create a startup ecosystem built on youth members for the youth. According to the Prime Minister, our dream is to go worldwide, not just local.

Way Forward

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