In last few years, India has witnessed boom in the etail or ecommerce sector. Thanks to the startups which manifested risk-taking ability and defied the tradition by adopting innovative ways to run business. Because of their unprecedented feat, India could surpass China for the first time in the race to garner the Foreign Direct Investment (FDI). Ecommerce is one part of the story which certainly boosted the morale of several individuals to experiment. As a result India has seen a wave of startups in many areas. Until now startups took the risk on their own, with little help from the government. Of course, venture capitalist have begun to invest and promote Indian startups. Largely young entrepreneurs have embarked upon the entrepreneurship on their own. However, it is important that this culture is preserved, prevailed and promoted. There is no one better than the government to do so.
The Startup India – a visionary program of the Narendra Modi government – can succeed in giving the much-needed boost. The Startup India includes new policies and initiatives that are aimed at making it easier for investors and startup founders to incubate their venture in the country. It is expected that the initiatives can bring a wave of innovative startups in the country.
Startup India: 12 Big Announcements
- Rs. 10,000 crore fund for startups
- single point of registration for startups
- simplified regulatory regime based on self-certification
- fast-track mechanism filing patent applications
- credit guarantee fund for startups
- Three year tax exemption
- Startup India Hub
- Relaxed norms of public-procurement
- Faster exits for startups
- Atal Innovation Mission – Sector specific Incubators
- Encouraging Innovation among students
- An annual incubator grand challenge