Building a strong foundation for Viksit Bharat: India's startup ecosystem as a catalyst for growth

India, with its rich entrepreneurial spirit and innovative mindset, is paving the way toward a Viksit Bharat (Developed India).

- Tuhin A. Sinha

Recognizing the critical role startups play in economic growth, job creation, and fostering innovation, the Government of India launched the Startup India initiative on January 16, 2016. This initiative was designed to create a robust ecosystem that nurtures innovation, encourages investments, and propels startups to be key contributors to India's socio-economic development.

The Startup India Action Plan, unveiled to ensure the initiative's success, encompasses 19 targeted action items. These span three core pillars: Simplification and Handholding, Funding Support and Incentives, and Industry-Academia Partnership and Incubation. By addressing challenges faced by startups and fostering collaboration across stakeholders, this comprehensive plan serves as a roadmap to transform India into a global startup hub.

TRANSFORMATIVE SCHEMES DRIVING INNOVATION

To support startups at various stages of their lifecycle, the government has introduced flagship schemes such as:

• Fund of Funds for Startups (FFS): This initiative ensures that startups have access to capital for growth and scaling.

• Startup India Seed Fund Scheme (SISFS): Targeting early-stage startups, this scheme provides crucial seed funding.

• Credit Guarantee Scheme for Startups (CGSS): It offers financial security and helps startups secure credit.

Complementing these financial measures are initiatives like the States' Startup Ranking, National Startup Awards, and Innovation Week, which collectively aim to build a vibrant and inclusive startup ecosystem.

Furthermore, platforms like the Startup India Hub portal and Bharat Startup Knowledge Access Registry (BHASKAR) have digitized resources and fostered collaborations across stakeholders. These efforts ensure that the ecosystem benefits reach tier-2 and tier-3 cities, encouraging inclusive growth.