Start-Up India Scheme Support Young Indian Entrepreneurs

Start-up India programme shores up 60,000 startup projects including 75 unicorns …. Writes Kaliph Anaz

India has a very promising demographic dividend with 65 per cent of its population below 35 years. The potential of this youth demography is being fully tapped by various social sector schemes launched by the Indian government. The youth need right direction to achieve their ambitions. With this thinking, Prime Minister Narendra Modi announced ‘Startup India’ from the ramparts of the Red Fort on August 15, 2015.

Prime Minister Narendra Modi interacting with the youth and children from Jammu and Kashmir, in New Delhi (File)

After launching this flagship initiative of the Government in January 2016, he said, “My dream is, the youth of the country should not be a job seeker, but a job giver.”

Today the success story of more than 60,000 startups including over 75 unicorns highlights the success of this scheme.

“Wherever you look today, go to any family, no matter how rich a family maybe, an educated family, but if you talk to the young man in the family, what does he say? He goes out of his family traditions and says, I will start a startup. That is, his mind is ready to take risks. Today the startup culture is expanding even in small towns and I see signs of a bright future in it,” added Modi.

Mayur Patil, a resident of Pune in Maharashtra, was looking for ways to increase the mileage of his motorcycle in 2011 in which he subsequently succeeded. He used this technology which cut down emissions from vehicles by 40 per cent in 2017-18 and got it patented in 2021. After receiving a grant of Rs 90 lakh from the Atal New India Challenge, he is now running his own startup along with four of his friends.

In a big honour for the top India-origin tech prowess that has virtually taken over the Silicon Valley in the US, the Indian government on Tuesday awarded Padma Bhushan to Microsoft Chairman and CEO Satya Nadella and Alphabet and Google’s Sundar Pichai among the 17 awardees.

Similarly, Angad Singh, a resident of Ahmedabad, thought about starting his own venture. He launched an innovative website for transport goods. Impressed by his accomplishments many of his friends left their jobs to join him. Unlike in the past, there is now a shift in attitude as there is an endorsement for starting business ventures owing to favourable business conditions, instead of an emphasis on finding jobs.

In the regular jobs, definitely, there is more security and guaranteed salary without much hassle. But today when someone makes up his mind to start a business then he is encouraged by others close to him. This scenario has changed due to the Startup India initiative. In common parlance, startup means starting a new company.

According to the Department of Industrial Policy and Promotion (DIPP), a Central Government Department, “Startup is a company which is registered in India within 5 years and its turnover does not exceed Rs 25 crore in a financial year. Additionally, it is expected that these companies may be working in the field of innovation, development, commercialization of the new product, technology-based service, or intellectual property. The government gives incentives and proper platforms to companies including financial assistance under Startup India. The prospective entrepreneurs may register, share their business ideas or get their queries solved on the www. site. The cutting-edge business ideas are duly acknowledged and promoted.”

READ MORE: Historic boom for India tech: 6 new unicorns in 4 days


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