PIB Summary- 26th December, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

The Future Hub of Global Entrepreneurship

Context

India has emerged as a global leader in startups, ranking as the 3rd largest startup hub.

Government initiatives and a dynamic workforce have driven innovation in sectors like fintech, edtech, and health-tech.

India’s growing startup ecosystem is gaining global recognition.

India’s Position in the Global Startup Landscape

• India is the 3rd largest startup hub globally, with over 100 unicorns and more than 73,000 startups with at least one woman director.
• Nearly half of India’s 1,57,066 startups are supported by the government under the Startup India Initiative, highlighting the significant role women play in driving innovation.

Growth and Transformation:

• Over the past decade, India has seen a paradigm shift in its entrepreneurial spirit, with cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR becoming innovation hubs.
• The widespread availability of affordable internet and a dynamic, young workforce have fueled growth across sectors like fintech, edtech, health-tech, and e-commerce.

Emerging Technologies:

• Indian startups are leveraging emerging technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to address both local and global challenges.
• The startup ecosystem is supported by incubators, accelerators, and mentoring networks, creating a bridge between grassroots issues and advanced technological solutions.

Government Initiatives:

• The Indian government has introduced several initiatives to support entrepreneurship, with the Startup India program being a cornerstone.
• As of December 25, 2024, 157,066 startups have been recognized under the Department for Promotion of Industry and Internal Trade (DPIIT).
• Key features of the program include ease of doing business, tax benefits, funding support through the Fund of Funds for Startups (FFS), and sector-specific policies.
• Platforms like BHASKAR have streamlined collaboration among key stakeholders in the ecosystem.

Support for Innovation:

• Initiatives like the Atal Innovation Mission (AIM) and NIDHI provide infrastructure and financial support to innovators.
• The SAMRIDH scheme, launched in 2021, aims to support 300 software product startups with funding up to ₹40 lakh per startup.

Impact on the Economy:

• Startups have created over 1.6 million jobs, contributed to GDP growth, and attracted significant foreign investments.
• Rural-focused startups are improving healthcare, education, and agriculture, promoting inclusivity.

Global Impact and Success:

• Indian startups like BYJU’S, Zomato, Ola, and Nykaa have expanded globally, showcasing India’s ability to scale and compete worldwide.
• Indian-origin startups in Silicon Valley further highlight India’s global influence, with innovations like UPI and Aadhaar inspiring global solutions.

India’s Path Forward:

• With a young, educated population, growing middle class, and increasing digital penetration, India is positioned for exponential growth.
• The country’s focus on fostering innovation and its investor-friendly environment make it a leader in the global startup ecosystem.