To encourage and help startups the Government of India has taken the lead in creating policies and a framework. Three new tools for States and Union Territories for ranking of startups in the country were launched by Union Minister of Commerce and Industry in order to encourage strengthening of the startup ecosystem at the local level. The tools are:
1. The State and Union Territory Startup Ranking Framework,
2. The Compendium of Good Practices for Promoting Startups in India and
3. The Startup India Kit.
These will act as catalysts to help the Startup India initiative to drive India’s economic growth. India is home to about 20,000 startups, with about 1,400 beginning operations every year. According to a statement made by the Ministry of Commerce the startups in India are not only driving economic growth but also leading to technological innovations and employment generation in every state and that entrepreneurs are introducing new solutions everyday and also improving existing processes.
Several States and UTs have a startup focused environment with ease of doing business for startups. 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, and will also enable continuous learning through the dissemination of good practices.
[Source: The Financial Express]
