Revamping Startup India: A New Chapter in Innovation and Entrepreneurship
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The government is set to unveil a major overhaul of the Startup India initiative on its 10th anniversary, with a focus on emerging technologies like AI and deep tech. The move comes ahead of a major event on Friday, where Prime Minister Narendra Modi is expected to outline the next stage of the flagship scheme. As part of the celebrations, January 16 has been marked as National Startup Day to commemorate the launch of the initiative in 2016. Since then, India has seen a remarkable growth in its startup ecosystem, with the number of DPIIT-recognised startups increasing from 400 to over 200,000. This has led to the creation of 2.1 million jobs and the emergence of 120 unicorns, valued at over $350 billion. The government's efforts have been instrumental in catalysing investments of ₹21,000 crore across nearly 1,200 startups through the ₹10,000 crore Fund of Funds for Startups managed by SIDBI. The scheme has also provided simplified compliance, tax exemptions, and other benefits to startups. The next phase of the initiative will focus on corporate engagement with startups, with the aim of developing innovative solutions for businesses using AI and deep tech. This will help companies reduce manufacturing costs and create a high-tech ecosystem. According to DPIIT secretary Amardeep Singh Bhatia, the government plans to nudge corporates to engage more actively with startups, creating a cost-effective and mutually beneficial supply chain. This will also help India compete globally while achieving self-reliance (Atmanirbharta). The success of the Startup India initiative has been attributed to the government's role as an enabler, simplifying rules, opening doors to funding, and providing mentorship support. As the initiative enters its second decade, DPIIT remains committed to fostering an environment that supports innovation, inclusion, and long-term growth. The next decade is expected to bring significant opportunities for startups, with the government planning to launch the fifth edition of the States Startup Ranking Framework and the National Startup Awards 5.0. As India celebrates 10 years of Startup India, the focus is on innovation, entrepreneurship, and creating a strong ecosystem for startups to thrive.
