Slow and steady climb

Here is everything you need to know about the government initiatives to sustain the start-up trend

The Indian government has rolled out its latest scheme ‘Start-up India’. It was launched in January this year by Prime Minister Narendra Modi. With the help of this initiative, the government aims to empower start-ups to grow through innovation and design. The government also hopes toaccelerate the spreading of the start-up movement to sectors such as agriculture, manufacturing, social sector, healthcare, education, etc., apart from the technology sector, as well as from the existing tier-1 cities to ensure a wider coverage.

People will be able to set up a start-up by just filling up a short form through a mobile app or an online portal. There is also a web portal for registration, clearance, approvals etc. In addition to this, the government is working on a legal support system to fast-track patent examination at a reduced cost.

It will promote awareness and adoption of Intellectual Property Rights (IPRs) by start-ups and help them protect and commercialise IPRs. The funds will be managed by SIDBI. This initiative is the necessity to lead India in the right direction.

The most important point about this campaign is that it encourages the youth of the country to create innovative ideas to j oin and lead businesses of their own.

Rising numbers

Over 1,144 applications have been received, out of which 385 havebeen recognised as start-ups by DIPP as per the latest statistics. One of the states that has an advantage is Kerala. Its innovative start-up policy, “Kerala IT Mission” focusses on fetching Rs. 50 billion in investments for the state’s start-up ecosystem. Telangana has launched the largest incubation center in India known as ‘T-Hub’. The government of Madhya Pradesh has also collaborated with SIDBI to create a fund of Rs. 200 crore. Andhra Prade s h also has a 17,000-sq.ft. technological research and innovation park in the form of a research and development laboratory. Apart from this, the state has created a fund called ‘Initial Innovation Fund’ of Rs. 100 crore for entrepreneurs.

If start-ups comply to all the norms of the scheme, govt will set up a fund with an initial corpus of Rs. 2,500 crore and a total corpus of Rs. 10,000 crore over four years.

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