Entrepreneurship is quickly becoming a lucrative career choice for people of all ages. With the open support that startups receive, more and more people have the courage to pursue their dreams. In India, the government has launched various initiatives to support startups in different ways. Based on the World Bank’s Ease of Doing Business Index, India has markedly improved its rankings by jumping up 23 positions in 2018. These initiatives to support startups, among other things have made it easier to do business in India.
Make in India
The ‘Make in India’ initiative, although started in late 2014, continues to have an impact even today. It has shifted the focus back to India’s capabilities to manufacture and produce within the country. This initiative is particularly beneficial for startups because it promotes innovation and research as well as VC investments.
Startup India is perhaps one of the biggest initiatives aimed at helping the startups grow and succeed. This particular move by the government has fostered mentoring within the startup community. It has also provided different avenues for startups to grow including funds via the “Fund of Funds” scheme. The Startup India Learning Programme, Relaxed Procurement Norms, and ease of filing patents have made it easy for entrepreneurs to turn their dream into a startup.
This program called Support to Training and Employment Programme for Women is aimed at helping women learn the necessary skills required to work and gain financial independence. This program, initially limited to the rural areas, has now expanded to the entire country. Sectors in which training is offered via this program include handloom and handicraft, hospitality, IT, agriculture, and even food processing.
Digital India is not just limited to startups; it is aimed at changing the entire business landscape of India. With a move towards creating a digital business environment, this initiative is impressive and will help startups a lot. Modern-day startups rely a lot on digital technology, and therefore, initiatives under the umbrella of Digital India make online transactions easier. It also makes it easy for startups to build online platforms and reach a wider base of consumers via various online methods.
The business environment in India today is quite conducive to startups. Today, under the various startup schemes, the government of India has recognized over 19000 startups. About 100 startups have already been exempt from income tax based on their recognition by the government. The incredible benefits offered to startups make it easy to turn your passion into reality. The key is to find a gap in the market and then make sure your solution fills that gap. Startup culture is becoming more prominent and widely acceptable. Therefore, there is no time like now to run your own startup.