New Delhi: Minister of State for Commerce and Industry Som Prakash on Friday said that the total number of recognized startups in India increased from 471 in 2016 to 72,993 by June 30, 2022, helped by proactive government intervention.
Startups and the entire technology ecosystem are the engines of growth for any country. Recognizing this aspect, the Government launched the Startup India initiative on 16 January 2016 with an aim to create a strong ecosystem to nurture India’s startup culture, which will drive our economic growth, support entrepreneurship and lead to big business development. Will enable employment opportunities on a large scale, the Minister said in a written reply to a question Rajya Sabha,
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized startups that are spread across 56 diverse sectors. More than 4,500 startups have been recognized in areas related to emerging technologies like Internet of Things (IoT), robotics, artificial intelligence, analytics, etc.
The Department of Science and Technology (DST) had launched an umbrella program called National Initiative for Developing and Harnessing Innovations.FundTo nurture ideas and innovations (knowledge-based and technology-driven) in successful startups in the year 2016.
Under the fund, various programs include providing fellowships to students opting for entrepreneurship through Entrepreneur-in-Residence (EIR) program, providing financial assistance for converting ideas into prototypes, to young and aspiring innovators and startups (PRAYAS). ) promoting and accelerating the programme. Providing early stage seed support, mentoring and investment preparation support through accelerators for incubated enterprises, and creating a Center of Excellence (CoE) in Incubation.
to promote innovations in Biotechnology The Department of Biotechnology, through the Biotechnology Industry Research Assistance Council (BIRAC), supports and nurtures startups in the biotechnology sector. The major schemes are the BioNEST scheme (Nurturing Entrepreneurship for Scaling Technologies in Bio Incubators) and the Biotechnology Ignition Grant (BIG) schemes.
To promote innovation and farm entrepreneurship by providing financial assistance to the Department of Agriculture and Farmers Welfare under the Rashtriya Krishi Vikas Yojna- Beneficial Approach for Agriculture and Allied Sector Rejuvenation (RKVY-RAFTAAR) scheme “Innovation and Agri- Entrepreneur Development”. program, as a component.
Under the program startups are undertaking projects in various sectors such as agriculture and allied sectors such as agri-processing, food technology and value addition, artificial intelligence (AI), Internet of Things (IoT), information and communication technology (ICT), block chain Huh. technology (BCT), precision farming and digital agriculture, and block chain technology among others.
Innovation for Defense Excellence (iDEX) was launched by the Department of Defense Production, Ministry of Defence, with an objective to promote self-reliance and innovation and technology development in defense and aerospace by involving industries, R&D institutions and academia and enabling them to undertake research and development. Grant was to be provided. ,
Startups get up to Rs 1.50 crore as grants for development of innovative prototypes. They also receive huge support from iDEX’s partner incubators at IITs, IIMs and other private incubators spread across the country.
Under Atal Innovation Mission, the government has set up Atal Incubation Center (AIC) to incubate startups in various sectors. It has also launched the Atal New India Challenge (ANIC) program to directly support startups with technology-based innovations that solve regional challenges of national importance and social relevance.
The government has also operated 26 Centers of Excellence (CoEs) in various areas of national interest to enhance self-reliance and create capacity to capture new and emerging technology areas.
These domain-specific CoEs are being set up across India with the participation of the Central Government, software technology park Government of India (STPI), State Government(s), Industry Partnership and Venture Capital Firms. These CoEs act as key enablers for promoting innovation in emerging technologies.