Startup India Initiative
About
- Startup India is a flagship initiative of the Government of India to nurture innovation and catalyse the growth of startups across the country.
- Launched in 2016, the initiative is led by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
- The Startup India initiative extends its support to startups through a range of initiatives aimed at fostering capacity building, promoting outreach, and facilitating ecosystem collaboration.
Did you know?
- With over 2 lakh DPIIT-recognised startups, India has the third-largest startup ecosystem in the world.
What is a DPIIT-recognized startup?
- An entity shall be considered a “Startup” –
- If it is up to 10 years from the date of its incorporation/registration.
- If it’s incorporated as either Private Limited Company or Registered Partnership Firm or Limited Liability Partnership. A sole proprietorship or a public limited company is not eligible as startup.
- If its turnover for any of the financial years has not exceeded INR 100 crore
- Should not have been formed by splitting up or reconstruction of a business already in existence.
- If it is 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.
Why in News?
- The Startup India scheme has successfully completed 10 years of implementation.