Page 39 - Banking Finance August 2022

ARTICLE

STARTUP INDIA

SCHEME - A

REVIEW

Introduction: the Startup India initiative with other Government
Departments viz. Department of Science and Technology,
Startup India Scheme is a flagship initiative of the
Department of Bio-technology, Ministry of Human Resource
Government of India (GOI) intended to generate large scale
Development, Ministry of Labor and Employment, Ministry
employment opportunities which was launched in January
of Corporate Affairs and NITI Aayog. Hence, the
2016. India has managed to retain its position as the 3rd
Government wants the contribution of Micro, Small and
largest start ecosystem in the world with more experienced
Medium Enterprises (MSMEs) to India's GDP to reach 50 per
professionals taking up an entrepreneurship route. It has
cent by 2024, from the current 29 per cent, and provide
also scrolled up in 2018 to position itself 57th rank in the
jobs to nearly 15 crore youths in the next four years, up from
Global Innovation Index from the 60th position in the
11 crores at present.
previous year. In addition, India also holds the title for the
highest Unicom holder of 8 ventures right after the US and
Further, these Startups and MSMEs are the foundation
China.
based on which Government's both Atma Nirbhar Mission
and Make in India V ision, aim at generating more
Department for Promotion of Industry and Internal Trade
employment, increasing exports, improving the standard of
(DPIIT), GOI, is mandated to coordinate implementation of
living of millions of Indians and making India strong globally.
While there is enough potential for the startups to grow in
About the author the coming years, there are numerous issues before them
which need to be addressed. Similarly, it is necessary to
Dr. V S Kaveri create awareness of the role of startups particularly in rural
areas on the part of entrepreneurs, officers in Government
Retired Faculty Member
and banks for which it calls for bringing success stories to
NIBM, Pune.
the notice to them. In this backdrop, the present article is
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