On January 16, 2016, the government launched the Startup India program with the goal of creating a robust ecosystem in the country to foster innovation and promote startups. At present, there are 157,000 registered startups, compared to 450 in 2016.
Commerce and Industry Minister Piyush Goyal expressed hope on Tuesday that the number of government-registered startups in the country will reach 10 Lakhs in the span of 10 years as a result of measures taken to cultivate a nurturing environment for these emerging entrepreneurs.
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Startup India Initiative
Under the Startup India initiative, entities are recognized as "startups" based on the eligibility requirements set by the government. These units are eligible for tax and non-tax breaks under the Startup India action plan.
The government has provided financial assistance to eligible recognised startups across sectors and stages of their business cycle through its flagship schemes Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme, and Credit Guarantee Scheme for Startups as part of this initiative.
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India-Israel Business Forum Meet
“We are now the third-largest startup ecosystem in the world, growing from 450 registered startups to 1.57 lakh today in nine years. In the next 10 years, we hope to take it up to 10 lakhs,” Union Minister Goyal stated at the India-Israel Business Forum meeting.
Mr. Goyal also encouraged Israeli investments, adding that significant business prospects exist for enterprises in India. We provide a massive domestic market of 1.4 billion people, he said.
Speaking at the India-Israel Business Forum in the national capital, the Union Minister stated that the two countries do not compete on the global stage and that they "complement" one another.
"We are two natural partners. We have been friends. We have suffered from common problems of terrorism. We complement each other; we are not in competition. We see a bright future for the Israel-India partnership,"
- Piyush Goyal, Minister of Commerce & Industry
He also stated that the forum's main goal was to promote business-to-business interactions and create enduring alliances between the two countries.
"At the appropriate time, the concerned departments will be engaged with each other. During this visit, we are focused on business-to-business contacts and building enduring partnerships. There is so much that Israel has to offer to India and there's so much we can do together to meet the needs and aspirations, not only of 140 crore Indians but also the world," he added.
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