India’s burgeoning startup ecosystem on Thursday found mention in President Ram Nath Kovind’s joint address to the Parliament as he stressed on the country’s growing prominence in the global startup ecosystem having among the highest number of startups in the world.
“Today India has joined the league of countries with the most number of start-ups in the world,” Kovind said. The country has around 7,700 technology startups ahead of the US and the UK, as per Nasscom-Zinnov Startup Ecosystem report last year.
The government is also simplifying the rules to improve the startup ecosystem even as the aim of the government is to set up 50,000 startups in India by 2024, according to Kovind.
“Under Pradhan Mantri Mudra Yojna’, about 19 crore loans have been disbursed for self-employment. An effort will now be made to cover 30 crore people by expanding this scheme. A facility for entrepreneurs to avail loan up to Rs 50 lakh without any guarantee will also be introduced,” Kovind said.
The vision for having 50,000 startups in India by 2024 was proposed by the Department for Promotion of Industry and Internal Trade (DPIIT) in April this year while announcing ‘Startup India Vision 2024’ document to boost the startup ecosystem. DPIIT has also proposed the creation of 20 lakh direct and indirect jobs, PTI had reported citing an official.
The department had also suggested to exempt investments by alternative investment funds from angel tax, reduce the Goods and Services tax rates, and also tax exemption for ESOPs, and tax incentives for startup investments.
BJP in its manifesto this year had also announced multiple sops for the startups including a ‘seed startup fund’ worth Rs 20,000 crore and offering collateral-free credit up to Rs 50 lakh for entrepreneurs under a new loan scheme.
The President also touched upon India’s 65 positions jump from 142 in 2014 to 77 last year in Ease of Doing Business ranking.
The Startup India programme currently has 19,280 DPIIT recognised startups.