The Union Minister of Commerce and Industry Suresh Prabhu launched three new tools for States and Union Territories for ranking of startups in the country at a function in New Delhi on Tuesday in order to encourage strengthening of the startup ecosystem at the local level.
Three new tools for States and Union Territories for ranking of startups in the country were launched by Union Minister of Commerce and Industry at a function in New Delhi on Tuesday. The tools are: the State and Union Territory Startup Ranking Framework, the Compendium of Good Practices for Promoting Startups in India and the Startup India Kit. These will act as catalysts to help the Startup India initiative to drive India’s economic growth, the Ministry of Commerce said in a statement.
India is home to about 20,000 startups, with about 1,400 beginning operations every year. The Ministry of Commerce said that the startups in India are not only driving economic growth but also leading to technological innovations and employment generation in every state. Entrepreneurs are introducing new solutions everyday and also improving existing processes, the statement further said. To encourage and help startups the Government of India has taken the lead in creating policies and a framework. Several States and UTs have a startup focussed environment with ease of doing business for startups, the ministry said.
The key objective of the Startup States and UTs Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems at the local level. The Ranking Framework will measure the impact of each step initiated at the local level for building a strong Startup ecosystem. The Ranking Framework will also enable continuous learning through the dissemination of good practices.
First published on www.financialexpress.com on Tuesday, 6 February 2018