As India celebrates National Startup Day, marking a decade of the Startup India Mission, Sanjiv Singh, Joint Secretary of DPIIT, speaks about the transformative journey of Indian startups, government initiatives, and the ambitious roadmap ahead.
India’s Decade of Innovation and Growth
The Startup India Mission, launched by Prime Minister Narendra Modi in 2016, has positioned India as a global hub for innovation and entrepreneurship. Over the past decade, the ecosystem has expanded exponentially, growing from just 350 recognized startups in 2016 to over 1.5 lakh today.
“This incredible journey is a testament to India’s entrepreneurial spirit and the structured support provided under the Startup India Action Plan,” said Sanjiv Singh, Joint Secretary, DPIIT. “Our aim isn’t just to maintain our position as the third-largest startup ecosystem but to become the world’s most innovative.”
The Startup India Action Plan comprises 19 pillars designed to support entrepreneurs at every stage—from idea validation and funding to scaling up and global expansion.
Empowering Startups Through Key Initiatives
India’s government has introduced several schemes and policies that have revolutionized the startup landscape. Singh highlighted three pivotal initiatives:
- Startup India Seed Fund Scheme (SISFS): Designed to bridge early-stage funding gaps, this scheme has enabled thousands of startups to move from ideation to execution.
- Funds of Funds for Startups (FoF): With an initial corpus of ₹10,000 crore, this program has mobilized over ₹1 lakh crore in investments, providing vital financial backing to startups.
- Credit Guarantee Scheme: This initiative ensures financial security, allowing startups to take calculated risks without fear of failure.
“These schemes have democratized access to capital, empowering entrepreneurs across industries and geographies,” Singh explained.
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Vision 2025: Startups in Every District
Looking to the future, the government’s vision for 2025 is both ambitious and transformative: one startup in every district of India.
At the heart of this vision is BHASKAR (Bharat Startup Knowledge Access Registry), an AI-driven digital platform that will connect over one million startups. By providing a centralized hub for collaboration, mentorship, and resource sharing, BHASKAR aims to create a seamless, interconnected ecosystem.
“BHASKAR is a game-changer. It will enable startups to find solutions, partners, and mentorship within the ecosystem itself,” Singh said.
Additionally, a renewed focus on manufacturing startups is set to strengthen India’s transition into a “product nation.” By fostering innovation in manufacturing, the government aims to boost exports, reduce imports, and establish India as a leader in product innovation.
Corporate Partnerships: Driving Innovation Together
A cornerstone of DPIIT’s strategy is building robust partnerships between corporates and startups. Singh emphasized that ecosystems like Silicon Valley thrive because of corporate-led innovation.
“Corporates play a vital role by creating grand challenges, offering mentorship, and opening procurement opportunities for startups,” he said.
DPIIT has already initiated collaborations with several leading corporations and plans to engage India’s top 100 companies to create an environment where startups can thrive. These partnerships are expected to provide startups with industry expertise, access to resources, and opportunities for scaling.
Startup Mahakumbh: A Global Convergence of Ideas
The Startup Mahakumbh—set to be the world’s largest startup gathering—will serve as a platform for innovation, networking, and collaboration. With participants from over 50 countries, the event promises to elevate India’s global stature as a startup powerhouse.
“This isn’t just a celebration; it’s an opportunity for startups to showcase their innovations and connect with global investors, mentors, and peers,” Singh explained.
Simplifying Regulations: Building a Startup-Friendly Nation
Over the past decade, India has implemented more than 55 regulatory reforms to simplify business processes and remove bottlenecks.
“Startups are at the heart of India’s economic growth,” Singh said. “Our commitment is to make it easier for entrepreneurs to navigate regulatory frameworks, access funding, and scale their businesses.”
The government has also set up platforms for startups to share their challenges, ensuring that policies evolve to meet the ecosystem’s dynamic needs.
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ONDC: Democratizing E-Commerce
The Open Network for Digital Commerce (ONDC) is another revolutionary initiative aimed at leveling the playing field for startups and small businesses.
“ONDC breaks the monopoly of major e-commerce platforms, enabling startups to reach broader audiences,” Singh explained. The government is also developing a seller’s reference app to empower businesses further.
From Seed to Scale: Government Support in Action
The government’s holistic approach to supporting startups includes financial backing, mentorship, and market access. Key achievements over the years include:
- Launching incubation centers across the country to nurture early-stage ideas.
- Establishing over 40 innovation hubs to drive regional innovation.
- Partnering with academic institutions to promote entrepreneurship among students.
Words of Wisdom for Aspiring Entrepreneurs
As the interview concluded, Singh offered words of encouragement to India’s budding entrepreneurs:
“Work hard and stay persistent. Even if things don’t work out immediately, keep faith—it will eventually. Take pride in your work, your journey, and your contribution to India’s growth.”
Why National Startup Day Matters
National Startup Day serves as a reminder of how far India has come in its startup journey and the untapped potential that lies ahead. It celebrates the entrepreneurs who dared to dream and the policies that made those dreams possible.
With initiatives like Startup India, BHASKAR, and ONDC, and events like the Startup Mahakumbh, India is well on its way to becoming the global leader in innovation and entrepreneurship.
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