According to a report by The National Association of Software and Services Company (NASSCOM), titled Start Up India: Momentous Rise of the Indian Startup Ecosystem released in October 2015, with more than 4,200 new-age companies India ranks third, after US and UK, among global startup ecosystems. India had around 3,400 startups in 2014 which is expected to grow to 11,700 startups by 2020, according to a report by Microsoft Ventures and Venture Intelligence. The growth in startups is expected to have a direct effect on the generation of employment opportunities and thus, contributing greatly to the overall development of the Indian economy.
Thus, the anticipated growth in the wave of startups in India has resulted in the Government resorting to campaigns to promote entrepreneurship and startups. The Startup India campaign is one such initiative, started by Mr.Narendra Modi, which aims to promote startups by providing them with necessary exemptions and incentives. It is focused to restrict any sort of government hindrances in the smooth functioning of a startup. The focal point of the initiative is to promote bank financing for startup ventures to boost entrepreneurship and encourage startups in India. Thus, the Startup India campaign aims to celebrate the country’s entrepreneurial spirit and create a strong ecosystem for fostering innovation and startups in India.
The following are some of the key attributes of the Startup India initiative:
The major setback of this initiative arises from the dearth of educational institutions offering courses that focus on entrepreneurship development. As the wave of startups is comparatively new in the Indian scenario, entrepreneurial studies don’t find a prominent place in the sphere of higher education. As the most important factor, upon which the success of the Startup India campaign depends, is the availability of individuals with pervasive entrepreneurship knowledge and the willingness to venture into a successful startup business, we are in the urgent need of institutions with programs that focus primarily on Leadership and Entrepreneurship Development This can only act as a catalyst to boost entrepreneurship and startups in India. Thus, resulting in the success of the Startup India campaign.
(Institute for Future Education Entrepreneurship and Leadership, iFEEL, is one of the leading management institute, providing 2-years AICTE approved PGDM to students. The institute focuses on developing entrepreneurial and leadership skills in the students. Please send us your valuable feedback, comments and suggestions at firstname.lastname@example.org. We welcome reactions to stories, comments on issues that interest you, feedback & comments from your side to make it more purposeful and resourceful.)