India holds the third-largest tech startup environment in the world, after the United States of America and China. Digital startups have raised a record $73 billion in stock funds in India, of which $18.2 billion arrived in 2022. Based on a Nasscom report, this was less than the $24.1 billion acquired in 2021 but more than the $13.1 billion received in the year before the 2019 pandemic.
With 23 new unicorn additions in 2022, the nation also had the second-highest increase in unicorn populations worldwide. It has 89 unicorns that are completely technology based. The number of unicorns in India is 174, and 60 more were added to the list in 2022.
Major Objectives of Startups
The following are some major objectives of the startups:
-
- To lessen the regulatory load on startups so they may concentrate on their primary business.
- Establish a single contact point for the startup ecosystem to facilitate information sharing and financing availability.
- To operate as a central hub for communication between startups and regulatory bodies for all business requirements and information sharing amongst diverse parties.
- To encourage startups’ knowledge of and usage of IPRs.
- To make it easier for them to safeguard and exploit the IPRs.
- To provide startups (in the manufacturing industry) an equal opportunity to compete in public procurement with established businesses.
- To facilitate operations for startups.
Initiatives by Government
The Department of Science and Technology and the Ministry of Human Resource Development have decided to work together on a project to establish over 75 such startup support centers in NITs, IITs, IISERs, and NIPERs to make the program successful.
Recently, the Reserve Bank of India has started to take action to make doing business in India easier, which is helping in the development of startups.
Like Kerala, which established the KSUM – “Kerala Startup Mission” government startup central agency, using many mechanisms, including infrastructure, funding, human capital development, governance, private-public partnerships, international collaborations, scaling existing businesses, and establishing new ones, KSUM organization focuses on supporting the startup ecosystem.
