Author(s): Lakshmi Iyer
To promote growth and development of the economy, a number of benefits are being offered to entrepreneurs for establishing startups. Startup India campaign drew applause from all its stakeholders. Th e tax exemptions, patent reforms, and incubation programs were rolled out in an effort to encouraging budding entrepreneurs who were highly skilled, imaginative and had a zeal to succeed. It offers funding, mentorship programs, and stronger IP rights. The Startup India hub, a virtual online platform, has been successful in establishing a ONE point contact/connect for entrepreneurs, thus creating the world’s third-largest startup ecosystem. The government set up a fund with a total corpus of Rs 10,000 crore ($1.6 billion) as venture capital to support startups over the next 4 years which was meticulously disbursed by the Small Industries Development Bank of India (SIDBI). DIPP has so far recognized over 5,350 startups in India It was projected by Assocham that by 2020 there will be 11500 firms from 3100 startups in 2014. The biggest factor being consumer growth backed by a revolution in telecommunications and internet. India will produce atleast a dozen billionaires by 2020 says Assocham. Assocham also forecasts an increase in organic food market to grow from $402 million in 2015 to $965 million in 2016.