Prime Minister Narendra Modi announced on 15th August, 2015 "Start-up India, Stand up India" to promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation.
Addressing the nation on the 69th Independence Day, he said, "We are looking at systems for enabling start-ups. We want to enable start-ups to make India No. 1 in this field…. Start-up India; Stand up India."
PM's Message:
"Innovation is not merely a word or an event. It's an ongoing process. You can innovate only when you understand a problem and try to find out its solution. We must go to the root of the problem and find out of the box solutions...In the era where knowledge is power, innovation is the driver of growth." PM India 30.3.2018
Read more at: Innovation key to realising dream of 'New India': Narendra Modi
"These four steps will lead our country towards faster development. For that we will have to innovate and turn our innovations in patents, making our production smoother and taking products speedily to the people will make them prosper," he said, adding: "But we must look for need based innovations not greed based innovations."
The Government s Union Budget allocation of INR 1,000 crore towards the Self Employment and Talent Utilization (SETU) scheme is a major boost towards promoting start-ups in the country.
Encourage entrepreneurship among the youth of India. Each of the 1.25 lakh bank branches should encourage at least one Dalit or Tribal Entrepreneur and at least one Woman Entrepreneur.
In addition to existing systems to facilitate Start-ups, loans would also be given to help people.
Give a new dimension to entrepreneurship and help set up a network of start-ups in the country.
Promised to do away with the current practice of interview-based selections for low-skilled Government jobs.
The practice of "interviews" for recruitment at relatively junior levels and departments concerned to end this practice at the earliest and promote merit by recruiting only through transparent, online processes.
As part of the Skill India and Digital India initiative, package of incentives will be given to manufacturing units for generating jobs.
India is the 4th largest ecosystem in the World for Starts-Ups, after the US, the UK and Israel with a rapidly evolving ecosystem, driven by an extremely young, diverse and inclusive entrepreneurial landscape.
It is expected that if the current trend continues, within 1-2 years India will reach the 2nd spot after the US and will be among the top Asian Start-Up ecosystems, along with China and South East Countries.
According to the NASSCOM around 11,500 Start-ups will come up in the Country by 2020, creating over 2.5 lakh jobs, compared to the current 75,000 jobs.
According to a report by iSpirit, the top 30 software product start-ups in India are now valued at USD 10.25 Billion 20% increase from October 2014-these starts-ups employ 21,200 people and has 80% of their customer base abroad.
Angel and VC funding in India has hit its highest ever mark. Over USD 3.5 Billion has been poured into 380 disclosed deals in the H1 2015.dealsl in the first half of the year have already surpassed the number of Start-up deals in 2014.
Coordination with make in India and digital India.
Facilitating a vibrant entrepreneurial ecosystem.
Platform for Entrepreneurs, Financers, Mentors and other Stakeholders to engage and collaborate across the World, to share ideas, best practices, develop solution and partnerships that benefit India.
Showcase economic, social and cultural contribution of entrepreneurs.
Collaborative approach Entrepreneurship and Youth Empowerment.