The total number of recognized startups in India has risen from 471 in 2016 to 72,993 as of June 30, 2022, helped by proactive government interventions, State Minister for Trade and Industry Som Parkash said on Friday.
Startups and the entire tech ecosystem are the engines of growth for any country.
Recognizing this, the government launched the Startup India initiative on January 16, 2016, with the intention of building a stronger ecosystem to nurture India’s startup culture that would further boost our economic growth, support entrepreneurship and would enable large-scale employment opportunities, the minister said in a written response to a question in the Rajya Sabha.
The Department for the Promotion of Industry and Internal Trade (DPIIT) has recognized start-ups in 56 diversified sectors. More than 4,500 startups were recognized in sectors related to emerging technologies such as the Internet of Things (IoT), robotics, artificial intelligence, analytics, etc.
The Department of Science and Technology (DST) launched an umbrella program called National Initiative for Developing and Harnessing Innovations (NIDHI) in 2016 to nurture ideas and innovations (knowledge-based and technology-driven) in startups prosperous.
Under NIDHI, various programs range from providing scholarships to students opting for entrepreneurship.
Through the Entrepreneurs-In-Residence (EIR) program to promote and accelerate the PRAYAS (Young and Aspiring Innovators and Startups) program by providing financial support for the conversion of ideas into prototypes, the availability of start-up support to incubated companies.
This provides mentorship and investment readiness support through accelerators and the creation of incubating Centers of Excellence (CoEs).
To promote innovations in the biotechnology sector, the Department of Biotechnology, through the Biotechnology Industry Research Assistance Council (BIRAC), supports and nurtures startups in the biotechnology sector.
The main programs are BioNEST Scheme (Bio incubators Nurturing Entrepreneurship for Scaling Technologies) and Biotechnology Ignition Grant (BIG).
Promote innovation and agripreneurship by providing financial support and nurturing the incubation ecosystem. ” program, as a component.
Startups in the program undertake projects in various areas of agriculture and related sectors such as agribusiness, food technology and value addition, artificial intelligence (AI), Internet of things (IoT) , Information and Communication Technology (ICT), Block Chain Technology (BCT), Precision Agriculture and Digital Agriculture, and Block Chain Technology, among others.
Innovations for Defense Excellence (iDEX) was initiated by the Department of Defense Production of the Department of Defense to achieve self-reliance and foster innovation and technology development in defense and aerospace by engaging industries, R&D institutes and universities and providing them with grants to carry out non-R&D.
Startups receive up to Rs 1.5 crore as a grant for the development of innovative prototypes. They also receive huge support from iDEX partner incubators in IITs, IIMs and other private incubators spread across the country.
As part of the Atal Innovation Mission, the Government has set up Atal Incubation Centers (AIC) to incubate startups in various sectors.
He also launched the Atal New India Challenge (ANIC) program to directly assist startups with technology innovations that solve industry challenges of national importance and societal relevance.
The government has also operationalized 26 Centers of Excellence (CoE) in various areas of national interest to foster self-reliance and build capacity to capture new and emerging technological areas.
These domain-specific centers of excellence are being established across India with the participation of central government, Software Technology Parks of India (STPI), state governments, industry partnerships and technology companies. capital risk. These centers of excellence act as important catalysts to promote innovation in emerging technologies.