Startup India Innovation Week - PIB - 17/01/23

Context:
Recently, on the occasion of National Startup Day (16th January), Startup India Innovation week culminated along with National Start up Awards 2022.
Relevance:
GS3
About:
-The Start-up ecosystem in India ranks third after that of the United States (US) and China. According to the India Venture Capital Report 2021 published by Bain and Company, the number of cumulative start-ups has grown at a Compound Annual Growth Rate (CAGR) of 17% since 2012.

->Growth Drivers:
a. Large Domestic Market
b. Govt. support
c. Access to technology
d. Rising startup hubs

->Problems Associated with Startup Ecosystem:
a. Stringent Regulatory Environment
b. Limited Infrastructure and Logistics
c. Lack of mentorship and guidance

->Recent Government Initiatives to Support Startup Ecosystem:
-Start-up India Seed Fund Scheme (SISFS)
-National Initiative for Developing and Harnessing Innovations (NIDHI)
-Ranking of States on Support to Startup Ecosystems (RSSSE)

For any queries, monthly magazines, reviews, please contact on [email protected]