India has one of the world’s fastest growing and most vibrant startup ecosystems with around 7200 tech startups, making India, the 3rd largest startups ecosystem in the world. With nearly 3-4 new start-ups being launched every day, India has woken up the potential of startup ventures with great enthusiasm and energy. Many of these start-ups are also in the forefront of developing solutions with an aim to solve societal challenges, such as in Education, Healthcare, Sanitation, Agriculture, persons with special needs (Divyangjan) etc. bringing in very niche technologies like – AI, blockchain, robotics, analytics, automation, cyber-security etc. These start-ups coupled with new and emerging technologies are enhancing the digital economy of the country and are creating IT and Electronics led new job opportunities in both traditional as well as new sectors of the economy such as Transport, Health, Power, Agriculture, and Tourism.
Entrepreneurship and Innovation is thus the emerging focus area which needs to be aggressively promoted to give a fillip to the Indian economy. Ministry of Electronics & Information Technology (MeitY), Government of India is leading and facilitating a gamut of Entrepreneurship activities across the country towards expansion of start-up ecosystem.
It is common knowledge that for technology to foster and grow, we need to inculcate a spirit of innovation in our people. This is not something which can be achieved in one day or one month. It’s a process, or better still, it should be made a way of life. We need to create robust structures which are able to look at the future steadfastly and work in accordance. Towards this, the Government has approved the National Policy on Software Products (NPSP) – 2019, which aims to develop India as the global software product hub, driven by innovation, improved commercialisation, sustainable Intellectual Property (IP), promoting technology startups and specialized skill sets.
The NPSP has mandate to nurture 10,000 technology startups in software product sector, including 1000 such technology startups in Tier-II and Tier-III towns & cities and generating direct and in-direct employment for 3.5 million people by 2025.
Further, in order to facilitate MeitY’s vision of promoting technology innovation, start-ups and creation of Intellectual Properties, a nodal entity called ‘MeitY Start-up Hub’ (MSH) (https://meitystartuphub.in/) has been setup under its aegis. MSH will act as a national coordination, facilitation and monitoring centre that will integrate all the incubation centres and start-up and innovation related activities of MeitY.