Page 38 - Banking Finance May 2022
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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
         2016. India has managed to retain its position as the 3rd  of Corporate Affairs and NITI Aayog. Hence, the
         largest start ecosystem in the world with more experienced  Government wants the contribution of Micro, Small and
         professionals taking up an entrepreneurship route. It has  Medium Enterprises (MSMEs) to India's GDP to reach 50 per
                                                              cent by 2024, from the current 29 per cent, and provide
         also scrolled up in 2018 to position itself 57th rank in the
         Global Innovation Index from the 60th position in the  jobs to nearly 15 crore youths in the next four years, up from
         previous year. In addition, India also holds the title for the  11 crores at present.
         highest Unicom holder of 8 ventures right after the US and
                                                              Further, these Startups and MSMEs are the foundation
         China (1).
                                                              based on which Government's both Atma Nirbhar Mission
                                                              and Make in India Vision, aim at  generating more
         Department for Promotion of Industry and Internal Trade
         (DPIIT), GOI, is mandated to coordinate implementation of  employment, increasing exports, improving the standard 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
                       NIBM,  Pune.                           and banks for which it calls for bringing success stories to
                                                              the notice to them. In this backdrop, the present article is

            38 | 2022 | MAY                                                                | BANKING FINANCE
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