The country’s young are being supported by government initiatives, according to Prime Minister Narendra Modi, and their determination has made India the third-largest startup environment in the world.
Speaking to the nation on the 77th anniversary of Independence, he noted that exports are increasing and that economists across the globe anticipate that India’s economy will continue to expand.
“I have faith in young force; it is my strength… Our policies are empowering young strength more… He shouted from the Red Fort’s walls, “The young of the globe are astounded by the fortitude of Indian youth.
Their power has enabled India to develop “the third largest startup ecosystem in the world,” Modi noted.
As of April 30 of this year, the government has designated 98,119 businesses as startups. These firms are qualified to receive incentives from the Startup India program, including tax advantages.
These organizations are supported at different phases of their business cycles by programs including Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme.
The government announced the Startup India program on January 16, 2016, with the goal of creating a robust ecosystem for fostering innovation and businesses in the nation.