Dear Readers,
The Start-up India campaign has recently been in the news and could be a crucial topic for your exams.
Lately, the government has also begun expressing interest in them as they are seen as the future of India’s economy, and as a part of this change, Prime Minister Narendra Modi has announced the ‘Start-up India; Stand up India’ campaign. This article will look at this initiative in greater detail.
Objectives
· To encourage and generate novel ideas of start-ups among the youth of India.
· To help set in place a network of start-ups in the country.
· To provide additional help in the form of loans will also be provided to budding entrepreneurs.
· To bring about economic transformation in India and provide hope to millions of young people in the form of tangible help so that they can put their dream projects into practice.
Background – what is Start-up India?
· Narendra Modi announced the ‘Start-up India; Stand up India’ campaign on the 69th Independence Day, adding that India must be number one in start-ups.
· He launched the campaign to encourage bank financing for start-ups and provide incentives to stimulate entrepreneurship and creation of newer jobs.
· As a part of this initiative, each of the 1.25 lakh bank branches of the country must provide financial backing to at least one tribal or Dalit entrepreneur and at least one woman entrepreneur.
· Modi said that Indian start-ups are applying technology to change the picture of health, agriculture, education, clean energy, finance, security, access to clean water and the financial inclusion of the poor.
· During his visit to the Silicon Valley, Mr. Modi had said that India’s own ecosystem of start-ups has been progressing rapidly and is driven by the energy, enterprise and innovation of the youth. He added that India has a vast market with several opportunities in every sector.
· The past few years have seen exponential growth in the start-up sector and India has risen up to recognize the immense potential of start-up projects with great energy and enthusiasm.
· Start-ups have become all the more important for India because they are not just creating solutions for the urban upper-middle class customer of India. Greater efforts are being put into devising solutions for problems that are tougher and more significant.
Impact of Start-up India Campaign
· Jharkhand’s Minister of Finance for State, Jayant Sinha recently stated that in addition to this campaign, the government will also stress on boosting innovation in research centers and will be setting up the India Aspiration Fund and Atal Innovation Mission.
· Adhering to the Prime Minister’s program, the Ministry of Human Resources Development (MHRD) has also relaunched their ‘research park’ campaign.
· If government sources are to be believed, the MHRD has put forth an initial investment of Rs. 100 crores which will begin in the next financial year to aid the research park initiative.
Important News regarding Start-ups
· Ratan Tata invests in Infinite Analytics: Chairman Emeritus of Tata Sons Ratan Tata invested an undisclosed sum in a big data analytics start-up Infinite Analytics. The start-up helps customers like eBay, Croma Retail, Air BnB and others rake through reams of data and highlight hidden insights, patterns and unknown correlations.
· Snapdeal acquires US-based start-up Reduce Data: Snapdeal.com recently acquired Reduce Data, Silicon Valley-based advertising technology start-up. Snapdeal aims to build discovery platform, tools for brands and over two lakh sellers on the marketplace. As per report by investment bank Goldman Sachs, the battle to acquire talent and technology is catching pace in India’s speedily growing e-commerce industry, which is worth $7 billion (Rs.46,347 crore) and is expected to reach $220 billion (Rs.14.5 lakh crore) by 2030.
· Aditya Birla Group launches Bizlabs: With the aim of collaborating with innovative start-ups and providing them an opportunity to scale up in the large operating business environment, the Aditya Birla Group has launched a new initiative – Bizlabs. Start-ups offering innovative solutions in the areas of retail, financial services and mobility will be considered. Candidates shortlisted for the 20-day programme will have an access to CEOs and other top leaders of the group besides the opportunity to network with reputed industry experts. Dev Bhattacharya, Group Executive President, Aditya Birla Group said that the objective is to enable the combination of the technology and ingenuity of the start-up ecosystem with the power and reach of the group’s businesses to create a platform that will foster growth.
These are the primary points about the Start-up India program. If you are able to understand these well, you can easily attempt questions pertaining to this topic.
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