The government is doing something important to help startups grow. They have a big plan to attract money for startups. This plan will make the “Startup India” program stronger and solve problems that new business owners face.
Government officials disclosed that the plan will involve identifying and addressing hurdles related to regulatory permissions, taxation and ease of doing business for Indian startups. The focus will be on setting time-bound targets to nurture and grow the startup ecosystem in the country.
To facilitate this ambitious undertaking, the Department for Promotion of Industry and Internal Trade (DPIIT) is contemplating the development of key performance indicators. These indicators will help gauge the health of the startup ecosystem, measuring metrics such as investments, employment generation and the number of startups in specific sectors.
DPIIT has officially recognized a whopping 98,119 entities as startups. These startups have reported creating a substantial number of jobs, around 270,000 direct jobs in 2020, 201,000 in 2021 and 159,000 direct jobs in 2022. The Startup India Seed Fund Scheme’s expert advisory committee has already approved a generous sum of Rs 611.36 crore as of April 30.
Government representatives have stressed the importance of ministries increasing their capabilities to assist the rising number of startups. Achieving the goals outlined in the action plan is a top priority and it will demand a collaborative effort from all sectors involved.
To stimulate investment into startups and foster a thriving startup ecosystem, the government is also looking at policy interventions. Short and medium-term recommendations are in the pipeline, designed to create a conducive environment for startups.
