Prarambh: Startup India International Summit

The Prime Minister Narendra Modi is to interact with the startups and address Startup India International Summit, Prarambh.

About the Summit

The Startup India International Summit is organised by Department for Promotion of Industry and Internal trade (DPIIT) and the Ministry of Commerce and Industry. The summit is being organised as a follow-up of the announcement made by the prime minister Modi at the 4th Bay of Bengal Initiative for Multi-sectoral Technical and Economic cooperation, BIMSTEC Summit held in 2018 at Kathmandu, Nepal. During the Summit India also committed to host the BIMSTEC Startup Conclave.

Significance of the Summit

• The Summit will bring together speakers from all over the world. This will facilitate discussions on innovation, technologies, robust policies and enable international organisations and governments to share their views and thereby driving them to solve the problems and challenges.
• The Summit also marks the 5th anniversary of Startup India initiative. The startup India initiative was launched by Prime Minister Narendra Modi on January 16, 2016.
• The Summit will be the largest startup conclave being organised by the Government of India since the launch of startup India initiative. More than 25 countries and 200 global speakers are to participate in the Summit.

Objective of the Summit

The main objective of the Summit is to focus attention of global capital for startups in India, provide opportunities for accessing International markets to the startups in the country, mobilize domestic capital and evolve enabling policy provisions.

Startup India

The Startup India initiative was launched to promote and support the startup in India by providing bank finances. The three main pillars of the startup India scheme are as follows:

• To provide funding support and incentives to the startup in the country
• To provide industry Academy partnership
• Simplification and handholding

Also, the Startup India initiative focuses discarding restrictive state government policies such as Land permissions, licence Raj, foreign investment proposals and environmental clearance rest.

Month: Current Affairs - January, 2021