India's Youth And Government Policies assisted India To be World's Third-Largest Startup Ecosystem: PM Modi
Applauding the youth of the country, Prime Minister Narendra Modi credited their strength behind India becoming the third largest startup ecosystem in the world. The PM addressed the nation from the Red Fort on India’s 77th Independence Day and stated that the government is completely in support of the youth and is focused on bringing out policies that help the youth develop more.
The PM noted that India’s exports are growing and market analysts expect the Indian economy to maintain and continue it’s growth progress. Restating his belief and support for the youth of the country, the PM said, “I believe in youth power, youth power is my strength. Our policies are giving more power to youth strength. The youngsters of the world are getting amazed by seeing the strength of Indian youth. Their strength has helped India become the third-largest startup ecosystem in the world.”
The report added that about 98,119 entities have been recognised as startups officially as on April 30 this year. The Startup India scheme renders these startups eligible for availing incentives like tax benefits.
Startup India was launched in January 2016, with an objective to help create a robust ecosystem that nurtures entrepreneurship in the country. The scheme aims at transforming India into a country of job creators. The programs in the scheme are overseen by a Startup India Team, which reports to the Department of Industrial Policy and Promotion (DPIIT). In addition to providing funding and incentives, the scheme helps startups by simplifying legal processes, fast-tracking patent applications, and overall ease in compliance and exit processes.
The scheme also helps startups get access to lucrative partnerships with industry experts, and provides an inlet into innovation labs, competitions, and grants. Other schemes like Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme, also aim at providing help and support to startups at multiple stages in their business cycle.
