Context:
Government of India has launched an umbrella program “NIDHI” (National Initiative for Developing and Harnessing innovations) to foster innovation among the Startups in the country.
About NIDHI:
- Launched in 2016.
- Launched by– Department of Science and Technology.
- Formulated to drive innovation, aid startups, and cultivate a robust entrepreneurial environment within India.
- One of the components – NIDHI-PRAYAS (Promoting and Accelerating Young and Aspiring Innovators and Startups).
Startup Ecosystem in India:
- Ranked 40th out of 132 in Global Innovation Index (GII) 2022.
- 3rd largest ecosystem for startups globally (May 2023)
- Home to 108 Unicorns worth USD 340.80 Bn (June 2023)
A unicorn refers to privately owned companies with a market capitalization exceeding $1 billion, encompassing innovative solutions and business models across various sectors such as fintech, Edtech, and B2B.
About Department of Science & Technology (DST):
- Established in 1971.
- Ministry – Ministry of Science and Technology.
- Responsibilities:
- Formulating Science and Technology policies.
- Fostering emerging areas in Science and Technology.
- Research and Development.
- Coordination and integration of areas of Science & Technology. Etc.
Global Innovation Index, which is published annually by World Intellectual Property Organisation (WIPO) has been a leading reference for measuring an economy’s innovation performance.
Source: PIB
Previous Year Question
Atal Innovation Mission is set up under the
[UPSC Civil Services Exam – 2019 Prelims]
(a) Department of Science and Technology
(b) Ministry of Labour and Employment
(c) NITI Aayog
(d) Ministry of Skill Development and Entrepreneurship
