Three new tools for States and Union Territories for ranking of startups in the country was launched by Union Minister of Commerce and Industry at a function on 06 February 2018 in New Delhi.
Tools: The tools are;
- The State and Union Territory Startup Ranking Framework,
- The Compendium of Good Practices for Promoting Startups in India and
- The Startup India Kit.
-These tools will act as catalysts to help the Startup India initiative to drive India’s economic growth.
Startups in India: India is home to about 20,000 startups, with about 1,400 beginning operations every year. They are not only driving economic growth but also leading to technological innovations and employment generation in every state. Entrepreneurs are introducing new solutions everyday and also improving existing processes.
Government initiatives: To encourage and help statrups the Govt of India has taken the lead in creating policies and a framework. 18 States and UTs have a startup focussed environment with ease of doing business for startups.
Objective of Ranking: The key objective of the Startup States and UTs Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems at the local level. The Ranking Framework will measure the impact of each step initiated at the local level for building a strong Startup ecosystem. The Ranking Framework will also enable contnuous learning through the dissemination of good practices.
Basis of Ranking Framework: The State and UT Ranking Framework is based on the feedback collected from Startup ecosystem stakeholders, which include startups, mentors, investors, accelerators, incubators and the government bodies.
- Areas which should be given greater thrust like seed funding support, women entrepreneurship are given more score.
- The Startup India Hub portal will provide a platform for the launch of the Ranking Framework.
- The official release of theStartup India Compendium of Good Practises for promoting Startups in India focuses on enriching the Startup ecosystem through ethical behaviours and is currently followed by 18 States and UTs.
- It covers 95 good practises across 7 areas of intervention. These are distilled into 38 action points including Incubation Support, Seed Funding, Angel & Venture Funding, Startup Policy & Implementation, Simplified Regulations, Easing Public Procurement, Awareness & Outreach.
The Startup India Kit: The Startup India Kit is primarily a one-stop guide on all Startup India offerings. It offers vital information, advice and assistance through website links, statistics, tools, templates, events, competitions and a glossary on startup terms. All the benefits available to startups from the Startup India initiative can be found in the kit.
About Startup India Scheme
- Startup India is a flagship initiative launched by the Government of India on 16th January, 2016 to build a strong eco-system for nurturing innovation and startups in the country which will drive economic growth and generate large scale employment opportunities.
- The Government through this initiative aims to empower startups to grow through innovation and design.
The Standup India scheme
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- The Standup India scheme was launched on 5th April, 2016 to facilitate bank loans from Scheduled Commercial Banks (SCBs) between Rs.10 lakh to Rs.1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) and one woman per bank branch for setting up a greenfield enterprise in trading, services or manufacturing sector.
- The scheme is expected to benefit at least 2.5 lakh borrowers.
