The rest of the world knows India as a developing country where a large section of the people are still struggling for a square meal per day. However, the government has been trying its best to lessen the number of the ‘educated and unemployed’ youth in the country.
Lending its support, the government came up with the ‘Startup India Campaign’ which was first announced by Prime Minister Narendra Modi on August 15, 2015. Launched on January 16, 2016, Startup India has helped and encouraged many start-ups and entrepreneurs. The Department of Industrial Policy and Promotion (DIPP) has recognised over 2,196 new ventures.
Start-ups have been playing a tremendous role in giving employment and bringing changes in the country. There are many entrepreneurs who, from nothing, have bagged successfully in their businesses. Small business companies also lend as a helping hand by providing labour to the people in the rural areas, and in this way, they can fight against hunger.
There are many aspiring entrepreneurs who start their own start-ups as independent workers and also employ others, and the government is also coming up with many procedures in order to help them. According to the official, over 800 start-ups have been recognised in the last two months.
The government is also working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
The government has also increased the maximum age of start-ups to seven years, from earlier five years. The notification was issued on May 25, 2017. And a period of 10 years was increased for the biotechnology sector.
The number of start-ups that have registered under Learning and Development Module are 156,856, under Startup India Hub are 2,860, start-ups that have been recognised till date are 2,754, start-ups that have been funded are 67.
Filing of patent and credit availability have also been made easy for start-ups. The government also has more than 50 schemes for start-ups in order to expand their businesses. The start-ups are likely to get tax benefits with the new definition now in place. “These changes are an effort to ensure ease of starting up new businesses to promote the Startup ecosystem and build a nation of job creators, instead of job seekers,” a press statement by DIPP said earlier.