There is no better time than now to set up your start-up business in India! The Government of India has started working on this.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Government of India, aims to gear up the start-up business ecosystem by setting up 50,000 start-up businesses in India by the year 2024. The newly established start-ups will vary under different business categories, fostering the growth of multiple industries simultaneously.
Aiming at the stimulation of economic growth by promoting entrepreneurship, the President of India Ram Nath Kovind addressed the Parliament on the initiative on 20 June.
Following this endeavour, the Government seeks to minimise regulations and restrictive obligations so as to endorse the ease of doing business, as reported by the Press Trust of India (PTI).
As per the PTI, the President said “To improve the start-up ecosystem, the Government is simplifying the rules. This campaign will be further expedited. Our goal is to establish 50,000 start-ups in the country by 2024.”
To this, he added that India is amongst the countries with huge number of start-ups and will continue the initiative. The Start-Up India Initiative is programmed to boost the growth of start-ups and has covered 19,303 such businesses so far.
The initiative will provide various incentives to endorse the newly set-up start-ups. Along with making the Indian economic environment business-friendly, the Government of India also strives to raise the domestic production of multiple sectors including apparel and textiles.
The textile and apparel industry can, therefore, expect a boom in the near future with more industries coming up and the improvement in the performance efficiency of the existing ones.
The twin objective of boosting start-up growth and raising production will be region-oriented. The Government is targeting different states and regions under the strategy to ensure equitable distribution of growth in the regional economic sphere.