Ready to Launch: START UP INDIA-STAND UP INDIA

There is good news for the Indian start up ecosystem in India.. The most awaited and ambitious project of the present government: ‘Start-up India-Stand up India’ is ready to be launched on January, 16 in order to give boost to the growing start up environment in India. With the launch nearing its date, people are waiting with bated breath to see if the action plan meets the expectations.

In December 2015, Prime Minister Narendra Modi promised to announce the action plan of the ‘Start up India’ initiative on January 16, 2016 during his Mann Ki Baat radio programme. Seeing the huge potential in the growing start up environment in India, the government rolled out this initiative in order to create start-up friendly policies. Well, there are reasons for this positive change. There are so many socio-economic problems plaguing our country at present; rural India presents one such market to target. This opportunity can be tapped by the Indian entrepreneurs who are at an advantage as compared to their foreign counterparts. 

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There are around 5.7 percent of world’s Unicorns-startups that are valued at more than $1 Billion-housed in India. These startups have reached this level with very less funding as compared to those available overseas. The number of people interested in entrepreneurship is also increasing as they are willing to take a bet on their ideas. In 2014, Little Eye Labs, an Indian startup firm was acquired by Facebook. With greater support from the government, there will be an increase in the number of acquisitions which will improve our technological prowess. Thus, with the increased government backing, India can reach a higher level in rankings, from its present 130^th rank, of countries with the highest number of start-ups.

There are many expectations among the entrepreneurs from the present government. Among the many concerns that they have, they expect government to make the regulatory compliance norms easier so that they don’t have to waste so much time in documentation.  Relaxation of existing tax laws is another area of concern among them. They are also expecting more funds allocation so that doing business becomes easy with fewer constraints on resources. Though the expectations are not too high, people will decide on whether the government has been able to live up to these expectations.

But, it’s not all saying and no work from the government end till now. To substantiate that, it has already started funding various schemes associated with this initiative. To name a few, schemes like SETU (Self Employment and Talent Utilization) and AIM (Atal Innovation Mission) have already seen funds coming in. These schemes are being implemented in order to encourage budding entrepreneurs to be risk seeking, to come up with new ideas and shape these ideas into prototypes with expert guidance before funding can be deployed for the actual project implementation. Many states like Karnataka, Andhra Pradesh, Rajasthan and Kerala have already come up with such initiatives. Incubators are being set up in different states to promote entrepreneurship in many ways.

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Now that carpets have already been rolled out, the whole nation is waiting to decide whether the government has been able to build a firm action plan to allow the startup ecosystem to flourish in India and to see the success of the scheme.
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About the Author: Arshdeep Kaur is an Electronics and Communication Engineer who is working in one of the leading MNCs in Bangalore. Born and brought up in Delhi, she is exploring her interests in the areas of writing