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Startups Welcome 'National Startup Day' Initiative
Prime Minister Narendra Modi has declared that India will celebrate January 16 as National Startup Day every year.
Photo Credit : Shutterstock
India has emerged as the third-biggest start-up ecosystem in the world after the US and China. With around 60,000 new start-ups. The sector is growing at a pace that doesn't show any sign of slowing down.
Despite the lockdown and pandemic, the years 2020 and 2021 saw record-breaking funding, building a record number of unicorns in the sector.
As per reports, Indian startups raised $42 billion in 2021, a multi-fold increase from 2020, when the amount was $11.5 billion.
Prime Minister Narendra Modi has declared that India will celebrate January 16 as National Startup Day every year. The government had additionally declared a bunch of measures to assist startups with settling in, including exclusions from investigations for three years, an 80% reduction in patent documenting charges, and a provision of no tax on profits or capital income for three years. The government has likewise made an Rs. 10,000 crore capital commitment to fuel and endorse startups in India.
In the last few years, Indian start-ups have contributed to changing the image of our country.
The use of innovative technology in the sector has created thousands of new job opportunities, disrupted many industries, and helped in the penetration of previously untapped geographies.
Most start-ups use the latest technologies such as AI, IoT, analytics, robotics, etc.
As proven by the pandemic crisis, - innovation is the key driver of India's corporate and economic growth. Considering that startups have worked tooth and nail during the pandemic to keep it going for all. "The technologies explored by new-age startups, which were previously restricted to a specific audience, became available to all and proved to be a saviour. Many businesses never had to close their doors because new-age solutions helped them survive. "Kushang, Co-founder & CEO, Supplynote.
The announcement affirms and encourages our skilled entrepreneurs to contribute to the country's needs by fostering innovation. This move will help to spread startup culture to the grassroots and enhance the country's startup ecosystem. We are confident that India's startups are being properly recognised and will undoubtedly contribute to the country's economic growth. " Bala Sarda, Founder & CEO, VAHDAM India highlights.
The potential our country has is immense and with the number of unicorns and startups, we are sure to effectively contribute in achieving the $5 trillion GDP target. The ease to do business has improved and schemes like Startup India, Digital India, Mudra Bank, Samridh, Skill India are catalysts for overall fast growth of the ecosystem. Indian startups have raised more than $33 billion in 2021. The lack of tech talent has been an area of concern, but I and sure this initiative will encourage young entrepreneurs and help India witness a surge in investors’ confidence to contribute," said Vinay Krishna Gupta, Co- Founder and CEO, Antino Labs
The Startup Impact:
The revolution taking place in the Indian startup ecosystem is having an immense local and global impact and is truly becoming the backbone of ‘new’ India. While entrepreneurship has had an exceptionally uplifting atmosphere in India, this is a positive sign of much more administrative help startups can expect in the near future. "It’s heartening to see this recognition and celebration by our government, and it makes us really proud to be innovating in and for a nation like ours! "says Mihir Gupta, CEO & co-founder, Teachmint.
With the immense future opportunities available and the number of innovators coming forward to embrace them, the times to come will be very interesting. "We are extremely confident that the contribution from startups towards building an Atmanirbhar Bharat will get its due recognition with this initiative," mentions Rahul Raj, Founder & CEO FloBiz.
Constructing A Better Future:
Startups are not just creating a space of their own, but are also helping traditional players by providing them with support to expand their businesses and innovate. Fruitful startups have become lucrative engines for their entrepreneurs, employees, and investors. "This recognition, by the government, will help the younger generation to think beyond boundaries and continue to venture into new areas to contribute to the economic growth of our country. Investors across the globe have shown interest in Indian startups, considering huge opportunities in different segments," states Zafar Imam, CEO, FinShell.
Startups provide smart solutions to problem statements in a cost-effective manner. "We are also very much in line with the Hon'ble Prime Minister's words "Innovate for India, Innovate from India" and look forward to providing Syntizen's Digital Identity Solutions to more state governments, followed by implementing our global plans." Siddharth Kukatlapalli, Co-Founder and CBO, Syntizen.