A mega exercise to increase Indian startups’ visibility globally is in the works, with the government planning to hire a consulting firm to evaluate the progress of the Startup India programme, chalk out an action plan to attract investment and identify bottlenecks which prevent businesses and high-net-worth individuals from investing in them.
The consultant will also be the single node of access to line ministries for startups to pitch their ideas and as they trial-run disruptive technologies and implement pilots.
The Department for Promotion of Industry and Internal Trade (DPIIT) wants the consultant to define a “futuristic vision” for timebound targets to improve India’s global standing and develop “measurable indicators”, like investment in startups, number of startups and employment generation.
Since the launch of Startup India on January 16, 2016, the department has recognised 28,979 startups as of March 1, 2020.
Of these, 27,137 startups employ around 3.37 lakh people. “This will help scale up the Startup India initiative,” said an official.
The consultant will identify challenges in regulatory approvals, taxation, ease of doing business, global expansion and facilitate startups in getting access to markets such as in private and public procurement, both in India and abroad. “The registration and recognition process for startups is smooth. The only issue is that they have to approach the finance ministry when it comes to tax matters. A nodal point will ease this difficulty,” said an expert on startup issues.
The consultant would also identify startup enablers in India sector-wise and investment in various subsectors. At present, the highest number of Indian startups are in information technology services.