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5.startup India

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20 views4 pages

5.startup India

Startup india #startupindia Learning program#startupindia Learning program#startupindia Learning program

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Otp jokes
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© © All Rights Reserved
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PROGRESS

Startup India,
a right idea at the right time
The Government of India’s flagship initiative is helping entrepreneurs in their
expansion and future growth while also providing opportunities to incubators
and investors

text | Vikas Khanna

INDIA PERSPECTIVES 24 N OVEM B ER- D E CE M BE R 2 0 1 6

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A
t a time when the growth in of a global slowdown in China. The national
jobs has not kept pace with the manufacturing policy has suggested that the
rising number of claimants, share of manufacturing in GDP needs to be
Prime Minister Narendra increased to 25 per cent in order to create 100
Modi’s ‘Startup India’ project million jobs in the coming decades. Therefore,
holds high importance. The startups along with the ‘Make In
Indian Government is concerned India’ initiative will be the next
over the rise in unemployment India has the job creating industry in the years
despite the fact that the nation third highest to come. Today, India has the third
is logging the fastest economic number of highest number of startups in the
growth in the world. According startups in the world behind the US and Britain.
to the latest Asia-Pacific Human world behind the Nasscom estimates software
Development Report, India faces US and Britain startups alone will create 800,000
a serious challenge of finding jobs jobs by 2017. Several companies
for a growing population over the next 35 keen to invest sniff high potential in a country
years. The report said that between 1991 and where cheap engineering talent is available for
2013, the size of the “working age” population setting up a back office.
increased by 300 million whereas only 140 It is hoped the Indian Government’s
million could be absorbed in the economy. It initiative early this year by offering a slew of
is in this context, the government’s twin pet tax breaks for companies as well as investors
projects – ‘Make In India’ and ‘Startup India’ –
seem a perfect answer to the issue.
There is an urgent need to create more
jobs when the manufacturing sector is
witnessing a slump due to the knock-on effect

PM Modi addressing at the launch of Startup India, Standup


India programme, in New Delhi

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PROGRESS

The Prime Minister interacts with startups representatives, VCs and angel investors

will act as a catalyst in supporting new 2016. In 2016, 43.8 per cent of internet users
businesses. The government has announced in India had purchased products online. In
cheaper and faster patent applications, offering 2019, this figure is expected to grow to 64.4
up to 80 per cent rebates on the per cent. India is on the threshold
cost of patents besides setting of a second-generation digital
up a `10,000 crore special fund The Government revolution, which will change
for startups. Experts believe offering tax the dynamics in new economy
that exemptions from tax and breaks to enterprises like healthcare,
compliance inspections for three companies education, e-commerce,
years will prove to be a shot in the and investors hospitality, agriculture and rural
arm for the sector. will help new leading to the creation of new
India is seen as one of the businesses jobs. Encouraged by the growing
world’s fastest growing startup digital buyer penetration, several
hotspots in the backdrop of a rapid expanding venture capital funds have raised billions of
population of internet users. Mobile internet dollars for their Indian investments in recent
user base in the country has steadily increased years. Japan’s Softbank and WeWork, a New
from 15.1 per cent in 2013 to 34.18 per cent in York-based provider of shared office space,

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are among several companies that have response and billions of dollars in funding
announced their India plans. Bank of for a push into solar energy after PM Modi
America Merrill Lynch has forecast that promised to provide electricity to every
Indian e-commerce will surge to $220 village before the end of 2018. The Modi
billion by 2025 from about $11 billion Government has drawn up ambitious
last year. plans to raise solar capacity five-fold to
Besides the software, 100,000 MW by 2022 to meet
there is considerable investor the growing power needs and
interest in startups in areas India offers a create jobs.
like healthcare software for huge market India is the youngest
the poor or low cost solar as far as startup nation in the world
panels for homes. India investment in as close to 70 per cent of the
offers a huge market as far as social impact entrepreneurs are less than
investment in social impact startups is 35-years-old. About three
startups is concerned. Millions concerned to four IT startups are born
of people in rural India still every day in India. Over the
have no access to clean and potable water, years, there has been a tactical shift in
toilets and electricity. The rural segment is the mindset of the youth who want to be
growing at a healthy pace of 8-10 per cent seen as job creators than job seekers. And
per annum and is expected to add $100 ‘Startup India’ is a perfect platform to
billion in consumption demand by 2017. give wings to the dreams of the youth of
The Government is getting an encouraging the country.

PM Modi at the launch of Startup India, Standup India programme along with Union Minister for Finance, Corporate Affairs and
Information & Broadcasting, Mr. Arun Jaitley and the Minister of State for Commerce & Industry, Ms. Nirmala Sitharaman

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