START UP INDIA
STAND UP INDIA
About Start Up India
Startup India Scheme is an initiative by the Government of India for generation of
employment and wealth creation. The goal of Startup India is the development and
innovation of products and services and increasing the employment rate in India. Benefits
of Startup India Scheme is Simplification of Work, Finance support, Government
tenders, Networking opportunities. Startup India was launched by Prime Minister Shri.
Narendra Modi on 16th January 2016.
4.Who is eligible for the Startup India
scheme?
To be eligible for the Startup India Scheme,
one needs to be above 18 years of age and
their company must be either a private limited
one or a partnership.
Benefits of Start Up India Scheme
1. Financial Benefits
Most of the startups are patent based. It means they produce or provide unique goods or services. In order to
register their patents, they have to incur a heavy cost which is known as the Patent Cost.
Under this scheme, the government provides 80% rebate on the patent costs. Moreover, the process of patent
registration and related is faster for them.
2. Income Tax Benefits
Startups enjoy a good amount of benefits under the Income Tax head. The government exempts their 3 years
income tax post the incorporation year.
3. Registration Benefits
the government has set-up Startup India hubs where all the works related to incorporation, registration and an
online portal is set-up by the government to facilitate registration from anywhere and anytime.
4. Government Tenders
Everyone seeks to acquire Government tenders because of high payments and large projects. But it is not easy
to acquire the government tenders. Under this scheme, the startups get priority in getting government
tenders.
All you need is a PUSH
Start Up India provides
unconditional support to
aspiring entrepreneurs
when it comes to funding
opportunities , learning
resources , international
exposure , innovative
challenges and much more
Role of Start-Up in Growth of Indian Economy
1. Employment Creation
India has 112 million working-age people between the ages of 20
and 24, compared to China’s 94 million. In the absence of
government jobs, this demographic dividend is accelerating the
country’s startup culture. As of August 29, 2022, India had emerged
as the world’s third-largest startup ecosystem, with over 77,000
DPIIT(The Department for Promotion of Industry and Internal Trade)-recognized
startups spread throughout 656 districts. These startups are
simultaneously enabling more jobs than large companies or
enterprises in the same industry. Therefore curbing the
unemployment problems in developing nations like India.
Role of Start-Up in Growth of Indian
Economy
2. New Investment
Many multinational corporations are now outsourcing their tasks
to small businesses in order to focus on their core competencies.
As a result of this trend, not only Indian venture capitalists but
also many multinational corporations are closely monitoring the
progress of Indian start-ups to invest their money.
Role of Start-Up in Growth of Indian
Economy
3. Research and Development
Start-ups heavily subsidise Research and Development (R&D) in
countries like India as they frequently have to deal with high-tech
and knowledge-based services. The startup’s R&D team acts as
an innovation seeker and keeps the company updated. Start-ups,
therefore, encourage a pragmatic approach or independent
research at the academic establishment. This motivates students
or researchers to put their ideas into practice by collaborating
with the start-up, which more importantly helps develop means of
economic expansion.
Role of Start-Up in Growth of Indian
Economy
4. Better GDP
Despite elevated inflation pressures owing to rising global food
and fuel prices, Indian Gross domestic product (GDP) is expected
to grow by 6.9% in the fiscal year (FY) 2022-23 and 6.2% in FY
2023-24. As GDP plays an important role in a country’s economic
development, if we keep promoting and supporting more start-up
initiatives the GDP will henceforth increase.
Role of Start-Up in Growth of Indian
5. Can Decrease Importing
Economy
When our startups can handle the need for a product or service
then we can decrease the importing of that product/service
which decreases the flow of money to another country and that
money flows inside the Indian market which is good for the Indian
economy
6. Can Increase Exporting
When we have more startups then we can produce more products
then we can start to export to another country which increases
the flow of foreign money to Indian markets.
Unicorn Start-Up
In the venture capital industry, the term unicorn refers to
any startup that reaches the valuation of $1 billion.
List of some Unicorn Start-Up In India:
1. Make My Trip became the first ever Unicorn in India in 2010. It is an online
travel website which started with taking care of the travel from the US to India,
but now has expanded in 14 countries.
2. PayTM became more than just an app, it has now become a way of life. ‘PayTM
karo’ has stuck around since demonetization and its virality led on to become one
of the most seen accessories from an individual to a small vegetable owner to the
bigger brands like H&M and Starbucks.
3. Cars24 allows car owners to sell their cars. On the other hand, interested buyers
can buy a second hand car. The whole organization is based on this concept and
has become a giant when it comes to trading of cars.
101st Unicorn of India : PW
The start-up wave in India is giving birth to many Unicorns in the
country, out of which many are from the ed-tech space. One such
startup which recently became a unicorn is Physics Wallah.
Physics Wallah or PW raised $100 Million/ ₹763.31 crores in its
maiden funding round led by WestBridge Capital and GSV
Ventures. And it is not just another ed-tech unicorn-like
Unacademy, Vedantu, or Byju’s. There is something unique &
special about this start-up.
Its YouTube channel was started by a single person in 2014 by
Alakh Pandey. Later on, life had different plans for him, which led
him to go from a bootstrapped startup to a unicorn with about
1900 employees.
Shark Tank India
Shark Tank India is an Indian Hindi-language business reality television
series that airs on Sony Entertainment Television. The show is the Indian
franchise of the American show Shark Tank. It shows entrepreneurs making
business presentations to a panel of investors or sharks, who decide whether to
invest in their company.
The show features a panel of potential investors, termed as "Sharks", who listen
to entrepreneurs' pitch ideas for a business or product they wish to develop.
These self-made multi-millionaires judge the business concepts and products
pitched and then decide whether to invest their own money to help market and
mentor each contestant.
Conclusion
Startup-friendly policies in India do not always necessitate large sums of
money or incentives. They do, however, need help from successful
founders and strategic angels in all stages of development, such as
business strategy, community building, and connecting with skilled
business mentors. As India has a massive, diverse population with many
talented individuals in search of work, it is essential to develop state
ecosystems by establishing a startup policy, startup portal, and helpline
within every state. Creating incubation centres, co-working spaces,
entrepreneurial cells, and instilling an entrepreneurial spirit in every
student at a young age is even more necessary.
