Minister of State for Commerce and Industry Som Prakash on Friday said the total number of recognized startups in India increased from 471 in 2016 to 72,993 as of June 30, 2022, helped by proactive government intervention.
Startups and the entire technology ecosystem are the engines of growth for any country.
Recognizing this aspect, the Government launched the Startup India initiative on 16 January 2016 with an objective to nurture India’s startup culture by building a strong ecosystem that will drive our economic growth, support entrepreneurship and will enable employment opportunities on a large scale, said the minister in a written reply to a question in the Rajya Sabha.
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized startups that are spread across 56 diverse sectors. More than 4,500 startups have been recognized in areas related to emerging technologies like Internet of Things (IoT), robotics, artificial intelligence, analytics, etc.
The Department of Science and Technology (DST) launched an umbrella program called the National Initiative for Developing and Harnessing Innovation (Nidhi) in the year 2016 to nurture ideas and innovations (knowledge-based and technology-driven) in successful startups.
Under the fund, there are various programs ranging from providing fellowships to students who opt for entrepreneurship.
Promoting and accelerating young and aspiring innovators and startups (PRAYAS) through Entrepreneur-in-Residence (EIR) program by providing financial support for converting ideas into prototypes, providing early stage seeds for incubated enterprises Support availability.
It provides mentoring and investment readiness support through accelerators, and creates a Center of Excellence (CoE) in Incubation.
To promote innovations in the biotechnology sector, the Department of Biotechnology, through the Biotechnology Industry Research Assistance Council (BIRAC), supports and nurtures startups in the biotechnology sector.
The major schemes are the BioNest Scheme (Nurturing Entrepreneurship for Bio Incubators, Scaling Technologies) and Biotechnology Ignition Grant (BIG) schemes.
To promote innovation and farm entrepreneurship by providing financial assistance to the Department of Agriculture and Farmers Welfare under the Rashtriya Krishi Vikas Yojana- Beneficial Approach for Agriculture and Allied Sector Rejuvenation (RKVY-RAFTAAR) scheme “Innovation and Agri-Entrepreneur Development”. is introduced. “The program, as a component.
Under the program startups are undertaking projects in various sectors such as agriculture and allied sectors such as agri-processing, food technology and value addition, artificial intelligence (AI), Internet of Things (IoT), information and communication technology (ICT), block chain Huh. technology (BCT), precision farming and digital agriculture, and block chain technology among others.
Innovations for Defense Excellence (iDEX) was launched by the Department of Defense Production, Ministry of Defence, to achieve self-reliance and innovation in defense and aerospace by involving industries, R&D institutions and academia and providing grants to take them forward. was launched to promote technology development. R&D out.
Startups get up to Rs 1.5 crore as grant for development of innovative prototypes. They also receive huge support from iDEX’s partner incubators at IITs, IIMs and other private incubators spread across the country.
Under Atal Innovation Mission, the government has set up Atal Incubation Center (AIC) to incubate startups in various sectors.
It has also launched the Atal New India Challenge (ANIC) program to directly support startups with technology-based innovations that solve regional challenges of national importance and social relevance.
The government has also operated 26 Centers of Excellence (CoEs) in various areas of national interest to enhance self-reliance and create capacity to capture new and emerging technology areas.
These domain-specific CoEs are being set up across India with the participation of the Central Government, Software Technology Parks of India (STPI), State Government(s), industry partnerships and venture capital firms. These CoEs act as key enablers for promoting innovation in emerging technologies.