Nurture startup in Tier I and Tier II cities, is the mantra, India’s commerce ministry Piyush Goyal has for the nation. About 45 percent startups in India are from Tier II and III cities and 623 districts have at least one recognized startup. Piyush Goyal, Commerce and Industry Minister has called for greater thrust to nurture entrepreneurship in Tier I and II cities while suggesting successful startups to engage with the youth to inculcate entrepreneurial spirit.
According to the ministry, during 2018-21, almost 5.9 lakh jobs were created by startups, out of which 1.9 lakh are generated so far this year.
The minister was shared his views at the third meeting of the National Startup Advisory Council, which was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT) to advise the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country.
What Startup India movement in India has accomplished?
- Piyush said the ‘Startup India‘ movement has brought a ‘change in mindset’ from ‘can do’ to ‘will do’ and has helped move past traditional notions of entrepreneurship.
- He assured that the government as an enabler is committed to developing a robust startup ecosystem by providing exceptional benefits such as 80 percent rebate in patent filing and 50 percent on trademark filing, and relaxation in public procurement norms.
Nurture Startup : Mantra for Startup India is to push entrepreneurship in Tier I ,Tier II and Tier II Cities – Piyush Goyal
Commerce Minister Goyal stated in addition to creating wide jobs creation, our startups have the potential to catalyse India’s integration in global value chains, he added.
He urged successful entrepreneurs, especially unicorns to share their experiences with students and the youth in order to inculcate startup culture and entrepreneurial spirit at grassroot level, especially in northeast regions.
He asked academia, government, and industry to work hand in hand in promoting entrepreneurship at the grassroot level.
“Indian Missions all over the world would also be sensitised about the need to promote entrepreneurship in India and this would open doors across the world to Indian startups,” the minister said.
Further, he called upon startups to explore the unexplored areas like rural tourism in terms of agri-stays, hotels, and homestays that would help create additional income for farmers.
To augment Seed Capital, Goyal said, “we must encourage the investment of domestic capital in our startups”.
The key interventions discussed during the meeting were National Capacity Building Programme for Incubators, providing thrust to the startups engaged in manufacturing, empowering the larger pool of family offices and high net worth (HNI) individuals to invest in startups.
Besides, accelerating deep-tech startups, establishing an international platform and a gateway for Indian startups to go global, propelling participation of women in startups and a holistic programme which aims at enabling global mentorship, market access, international opportunities, were also discussed.
Among others, the meeting was virtually attended by Prashanth Prakash from Accel, Debjani Ghosh from NASSCOM, Amitabha Bandyopadhyay from IIT Kanpur. Council members included SoftBank India Country Head Manoj Kohli, Sequoia Capital MD Rajan Anandan, SIDBI CMD Sivasubramanian Ramann, and Aarin Capital Partners Chairman Mohandas Pai.
The 2nd meeting of the National Startup Advisory Council took place today over a duration of 4 hours. The meeting chaired by Shri Piyush Goyal, Minister of Commerce and Industry saw NSAC members presenting the projects being worked upon to make India the best startup nation.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large-scale employment opportunities. The initiative aims to empower startups to grow through innovation and design.
The initiative not only brought a sharp focus on startups but catalysed the Indian startup ecosystem and accelerated Indian entrepreneurs building innovative solutions for Indian and global needs. Since the launch of the initiative, several programs have been undertaken to contribute to the Hon’ble Prime Minister’s vision of transforming India into a country of job creators instead of job seekers.
