Indian Government’s Vision “Startup India, Standup India”

The Indian Government’s “Startup India, Standup India” initiative continues to serve as a pillar of strength for the Indian economy during tough times.

Started in 2015 by the bilateral government collaboration, the scheme was quite successful among the struggling business looking for investments and platforms to shine. This scheme was useful for young entrepreneurs looking to kick start their careers. India’s digital economy was built around this scheme for the past five years.

The bilateral government collaborations enable the startups to work with other countries like Russia, Japan, Netherlands, Finland, Israel, and Singapore to become global entities. The plan has benefitted around 5.5K startup companies with a funding of $1 Million over 150 tech startup programs. Around 2.6 Lakh candidates enrolled in entrepreneurship courses offered by upGrad and Startup India.

Maharashtra, Kerala, and Karnataka are some of the states which have active startup participation in the scheme. But there have also been some issues regarding improper communication between the state and central government which led to poor processing of the funding which led to the startups gathering funds from private sectors.

Due to the COVID pandemic, many startups have suffered from revenue loss and mass layoffs happened everywhere. The government has allotted a fund of Rs 20 Lakhs for relief fund which would help the affected startups resurface back to business.