Startup India Initiative
Initiated on January 16, 2016, by Prime Minister Narendra Modi, the Startup India initiative is a fundamental government strategy designed to cultivate a dynamic environment for startups and innovation across India. Its goal is to promote sustainable economic growth and create significant job opportunities by supporting scalable and innovative business ventures. This initiative extends its impact by energizing the Indian entrepreneurial scene, encouraging local innovators to develop solutions that meet both domestic and global needs. Various programs under this initiative align with the vision of converting India from a nation of job seekers to a nation of job creators.
Details of Prarambh – The Startup India International Summit
| Aspect | Details |
|---|---|
| Organizer | Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India |
| Event Name | Prarambh – Startup India International Summit |
| Date | December 11 and 20, 2024 |
| Format | Virtual |
| Meaning of ‘Prarambh’ | In Hindi, it means ‘an auspicious beginning’ (noun) and ‘to start’ (verb) |
| Objective | To convene key figures such as policymakers, industry leaders, academics, and investors from around the world to foster a thriving global ecosystem for startups. |
Key Goals of the Summit
- Attract Investment: Target international and domestic funding to empower Indian startups.
- Market Access: Open doors for Indian startups in both local and international markets.
- Policy Development: Develop supportive policies to facilitate further growth of startups.
Special Focus
The first day of the summit will concentrate on interaction with stakeholders from BIMSTEC member states, showcasing their unique innovations and discussing regional startup dynamics.
Milestone
This summit is notably significant as it marks the fifth anniversary of the Startup India initiative, which has propelled India into one of the fastest-growing startup ecosystems globally.
Summit Composition
The event will host over 200 distinguished speakers from across the world and India, engaging in dialogues about advanced technologies, innovative practices, and strategic policy-making.
Objectives of the Summit in Detail
- Youth Engagement: Inspire and involve the youth in entrepreneurial and innovative endeavors.
- Knowledge Exchange: Share and learn best practices for developing robust startup ecosystems.
- Capacity Building: Enhance the skills and capabilities within the entrepreneurial community.
- Investment Mobilization: Draw both global and local investments into the startup sector.
- Market Expansion: Provide platforms for startups to engage with both domestic (private and public sectors) and international markets.
- Innovation Showcase: Display innovative, high-quality, and cost-effective solutions from India.
- Business Facilitation: Improve the ease of doing business for startups and investors, creating a more favorable business climate.