A State-Wise Comparison of Start-Up India Scheme: A Way to Restore the Indian Economy

Abstract

India is the fifth-largest economy in the world with a GDP contribution of USD 3.5 trillion and it is expected to become the world’s second-largest economy by 2050. The rising economic growth is an indicator of the increasing global reliability of the country. A country that was badly exploited once by the colonial power is standing on the cusp of tremendous growth and depicting the progressive trend in almost every sector, but Rome was not built in a day. The significant status that India is upholding currently is the result of the efforts of the active population and supportive government of the nation.

Government plays a key role in the prosperous development of every economy.  It is the key contributor to the nation’s prosperity and the supportive schemes or initiatives and their effective enforcement is a step in that direction. The best example of a government-supportive program is the Startup India Scheme. It is the flagship initiative of the Government of India launched in January 2016 to promote the nation’s growth by building a strong, inclusive, and robust economy. It promotes innovation and entrepreneurship in the country, positioning India as self-reliant in production and employment generation. Startup India Scheme focuses on providing easy funding and attractive incentives to startups by simplifying entry and exit provisions, fast-tracking facilities, and creating more innovation labs and incubators for better exposure. This paper tries to develop a thorough understanding of Startups, their significance, and the challenges they face. It also highlights programs or initiatives, which was taken by the government in this direction.