Context:
National Startup Day is observed annually on 16th January to appreciate and promote the Indian Startup Ecosystem.
Relevance:
GS III: Indian Economy
Startup India Initiative: Nurturing Innovation and Growth
Initiation and Vision:
- Launched on 16th January 2016, the Startup India initiative aimed to foster innovation, support emerging startups, and catalyze investments.
Eighth Anniversary Milestone:
- Celebrating its eighth anniversary in 2024, the program has witnessed remarkable growth, expanding from 400 startups in 2016 to a thriving ecosystem comprising over 1.18 lakh startups.
Government Benefits for Recognized Entities:
- Recognized startups receive various government benefits, including compliance self-certification, assistance in patent applications, and tax exemptions.
Financial Support through SIDBI Fund of Funds:
- The SIDBI Fund of Funds scheme has played a pivotal role, granting 2,977 income tax exemptions and providing funding to 3,658 startups, demonstrating substantial financial support.
Comprehensive Initiatives:
- The Startup India program encompasses diverse initiatives, including the Seed Fund scheme and Credit Guarantee Scheme, contributing significantly to the growth and sustainability of startups.
