The Indian government launched Startup India initiative in January 2016 and since then it has proven to be a game-changer for entrepreneurship. Department for Promotion of Industry and Internal Trade (DPIIT) said that startups recognised under the program have created more than 1.66 million direct jobs across 55 sectors.
The initiative helped several industries and the leading one was technology-driven sectors like IT services and artificial intelligence. It means that the startup ecosystem is not just confined to metropolitan areas or tech hubs. It is evolving across India touching even Tier 2 and Tier 3 cities.
The key programs were Fund of Funds for Startups, the Startup India Seed Fund Scheme and the Credit Guarantee Scheme. These have provided financial lifelines to businesses at various stages of their journey. These are policies on paper and also enablers of dreams. These helped startups to overcome typical challenges of funding and scalability. Initiatives such as the States’ Startup Ranking and the National Startup Awards also inspired healthy competition and innovation. Platforms like the Startup India Hub and BHASKAR ensure that resources and knowledge are within reach.
It is not just about the numbers even though 1.66 million jobs are impressive. It is about the ripple effect that the startups are creating. It is also about startups emerging with some groundbreaking ideas and contributing to the socio-economic segment of the country.
It becomes increasingly clear that the ecosystem is more than a collection of businesses. It is a powerful network of innovators, job creators as well as changemakers.
