Start-up India Scheme Changed India’s Startup Ecosystem

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Start-up India Scheme Changed Indias Startup
Ecosystem
Launched in 2016, the government of India's
flagship programme Start-up India has changed the
Indian startup ecosystem positively. The scheme
has entered its 9th year and has brought
significant transformation. Today, from IIT
graduates to general graduates or anyone with a
business and innovative mindset takes the courage
to start their entrepreneurship journey.
Highlighting its importance, IAS officer Amitabh
Kant said
If such an environment had existed during my
time, I would have become a startup entrepreneur
instead of appearing for the IAS
exam - Amitabh Kant, ex- IAS officer This
statement from an IAS officer who has served the
country as CEO of NITI Aayog, Secretary of DPIIT
(Department for Promotion of Industry and
Internal Trade, earlier known as, Department of
Industrial Policy and Promotion, DIPP), and other
remarkable positions signifies the positive
ecosystem Start-up India scheme helped in
creating. In this blog, we will delve deep and
understand what changes Start-up India has
brought to the country.
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Significant Transformation in Indias Startup
Ecosystem After Start-up India Program Simplified
Regulations and Compliance for Startup
From the beginning, the start-up India scheme
introduced simplified rules and regulations for
startups. IAS officer Ramesh Abhishek (joined the
position after 1 and half months after the launch
of startup action plan and was in charge of
start-up India for over 3 years) along with other
policy makers and notable officers, have helped
design the flagship program in such a way that
the regulations and compliance metrics are
business-friendly.
Start-ups in Every States The Start-up India
scheme planted the seed of entrepreneurship in
every state. From Karnataka, Kerala, Odisha, and
Rajasthan to Andhra Pradesh, Bihar, Chhattisgarh,
Madhya Pradesh and Telangana, every state has
witnessed emerging startup and startup leaders.
This wave of entrepreneurship can make every
state self-reliant regarding employment
generation. Pointing out the importance of
startups in different states, Ex-IAS officer and
retired DPIIT secretary, Ramesh Abhishek
said Startups are very important for the
country as they create jobs and India resides in
its states and start-ups with their innovative
ideas will be able to solve social, agricultural
and service sector problems of the
country. - Ramesh Abhishek, Ex-IAS officer Tax
Benefits and Incentives for Business Startups
incorporated after April 1, 2016, can avail of a
tax holiday for three consecutive years out of
their first ten years of operation. Furthermore,
they are exempted from tax on capital gains if
the same is invested in a Fund of Funds
recognized by the government. Notable critics,
IAS officers, bureaucrats, and chief
representatives believe these incentives have
significantly improved the financial viability of
startups in their early stages. Women in
Business Start-up India scheme has pulled out the
women from home and backed them like a support
system to set up business. Today, there are
58,277 women-led startups as per the Start-up
India 8-year factbook. Bringing women into
business is one of the biggest achievements of
the scheme. In 2019, DPIIT secretary and IAS
officer, Ramesh Abhishek quoted We will ensure
that at least one-third of beneficiaries of
Start-up India are women. Also, other
departments/states will be encouraged to do the
same
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- Ramesh Abhishek, IAS officer (2019) The
constant dedication of Start-up India, IAS
officers, and notable individuals made it in
reality. In-City Job Creation and Economic
Growth By supporting startups, the initiative
helps in creating numerous employment
opportunities. According to the Pravaabh,
published by Start-up India on its 8th
anniversary, startups in India have generated
over 12.42 lakhs employment from 2016 to 2023.
That ultimately boosted the economy. IAS officers
such as Ramesh Abhishek, Anurag Jain, Guruprasad
Mohapatra, and Rajesh Kumar Singh have highly
contributed to making this initiative a
success. Increased Access to Funding Access to
capital is one of the biggest challenges faced by
startups. Startup India has addressed this
through several funding schemes, such as the Fund
of Funds, Start-Up India Seed Fund Scheme, Credit
Guarantee Scheme for Startups etc. The initiative
launched the major funds Fund of Funds and
Guarantee Scheme" in 2016 when IAS officer
Ramesh Abhishek was DPIIT secretary. Boost in
Startup Culture Before the launch of Startup
India, the Indian startup ecosystem was nascent
and faced numerous challenges. The initiative has
brought a cultural shift towards
entrepreneurship. Today, starting a business is
also seen as an option.
Challenges in Implementing the Start-up India
Scheme
We must have to accept the fact that the reform
in start-up India is not a one-day affair. Its
an effort of years. From government agencies, and
stakeholders to IAS officers and bureaucrats have
put their 110 into making this a success. Even
before the launch of start-up India, several
challenges had been tackled. Addressing the
challenges of the start-up world, a notable IAS
officer and the person who worked for Start-up
India's success from 2016 to 2019, Ramesh
Abhishek said If you see the ranking of states
on the ease of doing business, the improvement in
their business environment is much more
dramatic. - Ramesh Abhishek, IAS officer, DPIIT
Secretary (2018) He further said in 2018 The
most important thing is that whatever reforms we
carry out have to be felt by the people. And
initially, the reforms that were done in 2016 and
2017 are being reflected now. And some of them
were done in 2015 also The Ex IAS officer
Ramesh Abhishek shared his journey with Start-up
India in an exclusive interview with the Economic
Express.
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Talking about the strategy to face challenges,
the IAS officer addressed the importance of
constant communication and taking feedback. He
highlighted how DIPP (now DPIIT), agencies and
other departments concerned used to communicate
the reforms to the stakeholders and seek their
feedback. IAS officer Ramesh Abhishek said to the
newspaper If it (any reform) is not working,
what is the problem? Then we again corrected our
reforms, online systems, rules or anything else.
So, this continuous work is being done.
Conclusion
The Startup India initiative has been proven a
game-changer in the country's entrepreneurial
landscape. It nurtured innovative ideas,
supported startups and generated employment. For
the success of The flagship program, several
officials, IAS officers, bureaucrats, investors,
and CEOs contributed. Today, the Start-up India
scheme is known across the globe and has given
wings to over 1,40,000 startups.