What is the impact of startups on Indian Economy?
Start-ups boost the economic growth, create employment and foster a culture of innovation. In order to promote innovative and entrepreneurship among enterprising youth, the Prime Minister of India had announced the 'Start-up India, Standup India' initiative aims ti create an ecosystem that is conductive for the growth of Startups. A plan comprising 19 action points was unveiled on January 16, 2016.
16,578 new start-ups were recognised across 499 districts, 47 per cent Start-ups from Tier II and III cities and 46 percent of recognised Start-ups have atleast one woman director by March 1, 2019.
Steps are taken for easing regulations such as exemption from Income tax on investments raised by Startups, 22 regulatory reforms implemented to improve Ease Doing Business for Start-ups, Selfcertification regime for six labour laws as well as three environmental laws, Start-up India Hub as 'One Stop Shop' for the start-up ecosystem in which 2,37,902 users availed free startup India learning Program to set business plans, 647 Start-ups supported through dedicated facilitation services, 1,262 start-ups connected to mentors, etc.
After Maharashtra, Karnataka and Delhi are among the top ten performers in terms of State wise distribution of recognised Start-ups in India.
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