Role of Startup India in Economic Development of India

IRE Journals, 2019

Entrepreneurship plays a significant role in the economic development of any country. Entrepreneurship acts as a pillar for the economic prosperity of a nation as it leads to generation of employment, contribution in national income, rural development, industrialization, technological development, export promotion etc. In India, various initiatives have been taken by the government from time to time for entrepreneurship development in the country. Entrepreneurship has attracted the attention of policymakers in India. A series of high-level initiatives, including Startup India, have been launched to promote private sector development. However, the role of entrepreneurship in development remains a mystery for many policy observers. The main purpose of this paper is to study about Entrepreneurship in India and its Promotion Under 'STARTUP INDIA' SCHEME. This study was done based on secondary data collected from multiple sources of evidence, in addition to books, journals, websites, and newspapers.

India is the second largest populous country in the world and it have more youth power than other countries and at the same time it have more unemployment rate, its unemployment rate is 3.43% which is huge when compared with its population. To control this unemployment our honourable Prime Minister Narendra Modi has taken a step to eradicate unemployment, and initiated a campaign Start up India. This is an action plan in this Banks will finance for start-up ventures. It is organised by Department of industrial policy and promotion (DIPP). There are various schemes available under this and the person with innovative ideas, will be benefited by this scheme. This creates an employment opportunity for many job seekers. Start-up India is launched in the year 2016, and by 2025 unemployment rate will come down to half because this creates many job opportunities. And this will improve our economic growth of our country. Many small and new entrepreneurs will be benefitted by this. Soft bank which has a headquarters in Japan had invested 2 billion US dollars for this. Our prime minister has requested all banks to support for this scheme. All the states in India were performing well in supporting start-ups, southern states shown great performance than other states. This paper highlights on the growth of tech based, non tech based, new business start-ups and number of days for setting up a new business, corporate tax rate and bank lending rate for start-ups in India compared to other countries. It also discusses about various schemes operating under Star-up India and their performance in the economy.

IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 2017

Startup India is a dream project of our Hon’ble prime minister Shri Narendra Modi, this scheme “Startup India” is a flagship initiative of Government of India intend to create a strong ecosystem for nurturing innovation and startup in the country that will drive a sustainable economic growth and will generate a large scale of employment opportunities. With this action plan government hopes to accelerate spreading of startups movement, this action plan based on funding support and incentives, industry academic partnership and incubation, simplification and handholding. This scheme provides a supporting plate form for entrepreneur for startup the business with simplifying process with recognition, tax benefits , advertisement, training support by experience and industry expert. There are various Venture Capitalist, Banks, SIDBI, and States are committed to participate and supporting towards establishment of startups

International Journal of Research and Analytical Review, 2024

Creating new businesses and recognising startups are very important for helping the economy grow. These are pivotal in creating jobs, advancing technology, and diversifying industries. Entrepreneurship involves starting, managing, and running businesses with the goal of making profits, utilizing resources like land, labour, natural reserves, and capital. A forward-thinking entrepreneurial mindset is essential for nations to thrive in today's highly competitive global landscape. This mindset involves exploring new territories, making discoveries, and requires qualities such as creativity, adaptability, persistence, and determination. Innovation and entrepreneurship are closely linked, with entrepreneurs driving innovation through providing resources, funding, and guidance, while innovation provides a competitive edge by enabling differentiation. The Indian Government's Startup India initiative offers eligible companies the opportunity to be recognized as startups under DPIIT, granting access to various benefits including tax incentives, simplified compliance procedures, expedited IPR processing, and more. Innovation involves introducing new ideas, while entrepreneurship involves turning a promising idea into a financially viable business opportunity. The Startup India initiative strives to create an adaptable environment for promoting innovation and startups, promoting sustainable economic growth, and creating significant employment opportunities. Entrepreneurs who embrace innovation are better positioned to adapt to changing trends, technologies, and economic landscapes, setting themselves apart in a competitive market by offering unique value propositions that attract customers and confer a competitive advantage. Innovation is crucial for the pursuit of sustainable business practices. Entrepreneurs have the ability to develop environmentally-friendly products, implement efficient processes, and advocate for responsible resource management, thereby contributing to a more ecologically balanced future.

Zenodo (CERN European Organization for Nuclear Research), 2019

On 8th November 2016, Prime Minister Sh. Narendra Modi announced demonetization of Rs.500 and Rs. 1000 currency notes with a aim to target corruption, black money, terror funding and counterfeit currency. Demonetization took everyone by surprise. Many people are seen to support this bold move of Prime Minister Modi, the rest have not welcomed it with open arms. Many people are seen standing in long queues outside ATM's, rushing to petrol pumps, rushing to the grocery stores. A start-up company is potentially feasible commercial venture which is generally a newly transpired, rapidly growing business model that focuses to achieve a market requirement by promoting or offering an innovative and extraordinary product, process or service. Startup is usually an enterprise such as a partnership, private limited company or an organization purposely designed for the rapid development of a potentially viable entrepreneurial venture. startup companies exploit technologies such as telecommunications, e-commerce, Internet, computers or robotics in a more innovative and out of the box processes of the development, validation and research for target markets. Government has taken lot of initiative to boost Startups through various supportive schemes such as Make in India, Stand up India, Pradhan Mantri Kaushal Vikas Yojna, Mudra Yojna, etc. The Banking sector has to play significant role in mounting their reach for facilitating sustainable growth in Startup sector. In this research paper the author tries to find out both positive as well as negative impact of demonetization on startup industries.

A startup is created company, partnership, or venture that aims to quickly expand an innovative business concept. A startup is a young, up-and-coming firm that takes a proactive toward creating a lucrative business model. An MVP (Minimum Viable Product) is a prototype used by startups to test and refine their fresh ideas and approaches to doing business. In addition, the company's founders engage in extensive studies and surveys to learn more about emerging ideas, technology, industry trends, and commercial opportunities. To affirm the ownership, dedication, and contributions of founders and investors, a shareholder agreement needed to be agreed upon early on. The main aim of the research was to understand the start-ups and their significance and to measure the awareness level among young people about the Startup India-Progress towards Development and Harnessing Innovation highlights and to study the performance of startups as well as the role of various stakeholders. The research was undertaken in the month of October 2022. It is descriptive in character nature. A convenient sampling technique is used for the study with 150 participants as the sample size. People between the ages of 25 and 45 who express an interest in starting their own businesses are given preferential treatment. Google Forms were used for the collection of information from them.

2021

India is the second most populated country in the world and it’s one of the biggest economies too but looking at its population, it’s still underdeveloped. India’s per capita income increased by only a 1% annualized rate in three decades after its independence. In 2018 its GDP growth rate was a mere 6.386%. The majority of India’s population is in the lower-middle-class category. This economic condition demands a better ecosystem to uplift and encourages startups that will help reduce unemployment in India. India has become a status-driven society where risk-taking and audacious behavior are not considered ideal. If this situation continues India will soon become a nation of clerks and government servants. With unemployment rising and competitive exams getting tougher, it’s getting hard for talent to get what it deserves. The below article highlights the challenges faced by the Indian Startup Ecosystem and

Journal of Management and Science, 2019

India is a fast developing south Asian and seventh largest country by area. Large population of the country implies a large prospective market in India and puts more pressure for employment in the country. With the gen-next cool trend to start working on new ideas, India is all set to outperform all other nations on the world stage in the years to come. Setting up of small businesses by these young entrepreneurs is definitely going to boost the India economy in the near future. In the present decade, India is undertaking an essential shift towards startup welcoming policies and a business friendly environment. India is a populated country having increasing demand which is putting a competitive environment forcing to create innovative systems. One of these systems is a Startup ecosystem. This paper aims to study about the growth, prospects and effects of Startup systems in India.

GEIJMR, 2018

In India, prime minister has initiated to promote entrepreneurship from the root level to the limits of sky. To understand this concept we can correlate with the first generation entrepreneurship to the current 4 th industrial revolution there are so many ways to start our own business this has various methods to determine like the collaboration of department of Industrial promotion, ministry of small and medium scale enterprises, other ministries which are supportive either directly or indirectly and chamber of commerce's all over the country to encourage or define the activities in one step or single level process which is very important to this scheme. We also consider few points that may have relation between the Skill India and start-up India has because the moto of this two schemes are strongly arguing the creation or generation of the employment and reduction of the poverty in our country. The strategic advantage lies to understand the activities like policies formulation as well as the implementation of the policies in real practice has a critical issue or problem lies in this aspect. This paper focusses on the how people are responding or perceiving about this scheme after the successful completion of two years and suggested changes are elaborated.