Government launches Start-up-India ranking framework
Department of Industrial Policy and Promotion (DIPP) under Commerce Ministry has unveiled Start-up-India ranking framework to rank states/UTs based on measures regions that have taken to foster entrepreneurship. It was launched by Union Minister of Commerce and Industry at a function held in New Delhi.
Startup States and UTs Ranking Framework
The framework aims to foster competitiveness and propel states/UTS to act proactively in startup matters. This ranking will help states to bring progress made in their startup ecosystem and also make different states learn and replicate good practices.
Its objective is to encourage States/UTs to take proactive steps towards strengthening Startup ecosystems at local level. It will also measure impact of each step initiated at local level for building strong Startup ecosystem. It will also enable continuous learning through the dissemination of good practices.
It is based on feedback collected from Startup ecosystem stakeholders, which include startups, mentors, investors, accelerators, incubators and government bodies. The parameters of this feedback focus on all actions and initiatives undertaken by states on or before March 2018.
These parameters include having startup cell or helpline and mobile or web portal for queries, size of startup mentor network created by state government and number of key incubators for incubation support to startups. It also gives greater thrust like seed funding support, women entrepreneurship.
Background
India is home to about 20,000 startups, with about 1,400 beginning operations every year. They are driving economic growth and also leading to technological innovations and employment generation in every state. Entrepreneurs in these startups are introducing new solutions everyday and also are improving existing processes. Thus, this framework will encourage and help statrups and help government to create policies for ease of doing business for startups.
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Month: Current Affairs - February, 2018