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VIEWPOINT

BOLSTERING GROWTH

The Government of India is not only promoting schemes to help the present

group of startups but also motivating budding entrepreneurs, startups, and
students from all domains who intend to be independent and lead the vision of
‘Atmanirbhar Bharat’ forward. Below are some such initiatives that have been
introduced for the development of the Indian startup ecosystem.

Source: Magic Wand Media

he startup ecosystem Micro, Small, and Medium En- of GDP from manufacturing
T in India is growing at terprises (MSMEs) contribute and 24.63 percent of GDP from
a staggering 30 percent to the
an expeditious rate.
services. They are crucial to the
Not even halfway through the country’s GDP, around 45 per- production and manufacturing
year, 13 Indian startups have al- cent of the manufacturing out- of a variety of products for both
ready entered the Unicorn Club. put, and approximately 48 per- domestic as well as internation-
Annual surveys are conducted cent of the country’s exports. al markets. It is quite imperative
every year to track the progress The MSME sector has employed now, more than ever, that
and suggest the future moves of more than 11 crore people, es- schemes like ‘Atmanirbhar
the startup ecosystem in India. tablishing itself as the ‘Back- Bharat’ are focused on building
The pandemic situation has put bone of the country’. a startup ecosystem in India to
BHOOMA KRISHNAN the startup ecosystem in jeop- not only build but also strength-
Chief Operating ardy. They are compelled to Government support en the capability and capacity
Officer watch the venture capital dry to develop appropriate local
Devic Earth Pvt Ltd is crucial
out. To orchestrate the situation, The Indian MSME sector has technology and provide fierce
the Government has launched reticently been supporting the competition in domestic and in-
favorable schemes and poli- national economy since its in- ternational markets.
cies that are proving to be of ception. Around 45 lakh MS- Startups require both mon-
great assistance in the direction MEs throughout the country etary and technical support
of growth. contribute about 6.11 percent to overcome the initial road-

12 | May-June 2022 Modern Manufacturing India