‘Start-up India initiative to be launched soon’

New Delhi, Oct 14 (IANS) The Start-up India, Stand up India initiative announced by Prime Minister Narendra Modi will be launched shortly, a senior official said on Wednesday.

Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant said at an event here that various government departments were working together to easen the compliance procedures so that it becomes much easier for start-ups, without having to run around for regulatory clearances.

In this connection, IT industry representative body Nasscom said in a report on Tuesday Indian start-ups are on fire, as they are on target to get a whopping $5 billion (Rs.32,558 crore) funding by this year-end.

“Total funding in the India-based start-ups is estimated to be around $5 billion by 2015, which is a massive 125 percent growth from $2.2 billion in 2014,” the National Association of Software and Services Companies (Nasscom) said in a report released in Bengaluru.

Overtaking Israel, India has emerged as the third biggest start-up market worldwide after the US and Britain, with 4,200 start-ups, growing 40 percent over 2014.

“Our technology start-up landscape has seen a phenomenal growth in 2015, with the country moving up to third position in terms of investments secured from private equity, venture capitalists and angel investors and number of startups,” Nasscom president R. Chandrashekhar said, quoting from the report.

The report – “Start-up India-Momentous Rise of the Indian Start-up Ecosystem” is the second edition the apex IT body prepared with Bengaluru-based business management consultant Zinnov.

The report found cumulative funding of start-ups was $3.2 billion in 2010-14.

“India is the world’s youngest start-up nation, as 72 percent of its founders are younger than 35 years. What’s more, share of female entrepreneurs has jumped 50 percent this year from last year and nine percent of all start-ups are founded by women as co-founders,” Chandreshekhar said.

“About 1,200 start-ups have been set up so far this year, with majority of them in B2C (business to customer) category spanning e-commerce, consumer services and aggregators,” the report said.

Bengaluru, Mumbai and the National Capital Region (NCR) account for 93 percent of investments and 66 percent of all starts-ups are located in these three hi-tech clusters. Ahmedabad, Chennai, Hyderabad, Jaipur and Pune are emerging as start-up cities.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here