Within weeks of Prime Minister Narendra Modi announcing ‘Start-up India; Stand up India’, the Commerce and Industry Ministry has started fleshing out a framework to encourage start-ups and boost job creation.
The structure will act as a complete and full ecosystem for start-ups.
The final framework, for which the ministry is working overtime, is expected to be unveiled in November.
“It will include hand-holding for all things related to them, which includes mentoring, linking companies with universities and institutions, giving marketing support, consultancy on intellectual property rights and providing easy regulatory mechanism for them so that they do not have to run from one door to another,” a government official told PTI.
It would also offer direction in terms of “how they can access funds and scale up capacity”, the official said, adding that the focus would be mainly on the manufacturing sector.
The ministries engaged in the discussions include finance, micro, small and medium enterprises (MSMEs), commerce and the Department of Industrial Policy and Promotion (DIPP).
DIPP has already consulted and taken feedback from successful start-ups in this regard.
After his ‘Make in India’ push, Modi in his Independence Day speech announced a new campaign — ‘Start-up India; Stand up India’ — to promote entrepreneurship.
“We are looking at systems for enabling start-ups. We must be number one in start-ups… Start up India; Stand up India,” Modi had said and exhorted all bank branches to fund at least one start-up of tribals and Dalits.
As per estimates, there are about 3,200 tech-led start-ups in India, with 800 coming on board every year.