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About Startup India Initiative

Context:

National Startup Day is observed annually on 16th January to appreciate and promote the Indian Startup Ecosystem.

Relevance:

GS III: Indian Economy

Startup India Initiative: Nurturing Innovation and Growth

Initiation and Vision:

  • Launched on 16th January 2016, the Startup India initiative aimed to foster innovation, support emerging startups, and catalyze investments.

Eighth Anniversary Milestone:

  • Celebrating its eighth anniversary in 2024, the program has witnessed remarkable growth, expanding from 400 startups in 2016 to a thriving ecosystem comprising over 1.18 lakh startups.

Government Benefits for Recognized Entities:

  • Recognized startups receive various government benefits, including compliance self-certification, assistance in patent applications, and tax exemptions.

Financial Support through SIDBI Fund of Funds:

  • The SIDBI Fund of Funds scheme has played a pivotal role, granting 2,977 income tax exemptions and providing funding to 3,658 startups, demonstrating substantial financial support.

Comprehensive Initiatives:

  • The Startup India program encompasses diverse initiatives, including the Seed Fund scheme and Credit Guarantee Scheme, contributing significantly to the growth and sustainability of startups.

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