Context:
Ministry of Commerce & Industry marks 9 years of Startup India Initiative.
Startup India Initiative:
- Launched in – 2016
- A flagship initiative of Department for Promotion of Industry and Internal Trade (DPIIT)
- Objective – To catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India.
- Core Features –
- Ease of Doing Business – Simplified compliance and single-window clearances.
- Tax Benefits – Tax exemptions for 3 consecutive financial years.
- Funding Support – ₹10,000 crore Fund of Funds for Startups (FFS) supports early-stage funding.
- Flagship Schemes under Startup India Startup India –
- Seed Fund Scheme (SISFS) – 4-year period scheme supporting startups in areas like proof of concept, prototype development, commercialisation etc.
- Credit Guarantee Scheme for Startups (CGSS) – Offers credit guarantee for loans provided to eligible startups.
- FFS Scheme – To enhance access to domestic capital for Indian startups.
India’s Status in Global Startup Industry:
- 3rd largest start up eco system in the world
- US and China are in the top 2 positions
- 118 Unicorns are present in the country (startup company valued at over $1 billion are called Unicorns)
- Maharashtra has the highest number of start-ups in the country.
Related Initiatives:
- Bharat Startup Knowledge Access Registry (BHASKAR) – Launched in 2024, it connects entrepreneurs, investors, mentors, policymakers, and other startup ecosystem players on a single platform.
- MAARG mentorship platform – Facilitate intelligent matchmaking between mentors and startups.
- National Startup Advisory Council
- Constituted by – DPIIT, Ministry of Commerce and Industry
- Composition – Chairman (Minister for Commerce & Industry) + Ex-officio Members + Non-official members
- Atal New India Challenge
- iCREST (Incubator Capabilities Enhancement program for a Robust Ecosystem)
- States’ Startup Ranking framework – To strengthen regional startup ecosystems, capacity-building workshops.
Source: PIB
Previous Year Question
Atal innovation mission is set up under the:
[UPSC Civil Services Exam – 2019 Prelims]
(a) Department of science of technology
(b) Ministry of labour and employment
(c) NITI Aayog
(d) Ministry of skill development and entrepreneurship
Answer: (c)