National Startup Day 2024: All You Need To Know About This Day

National Startup Day 2024: Check here all the details

It’s good to see the federal government recognizing the importance of fostering entrepreneurship and breaking down bureaucratic barriers to new ideas. Prime Minister Narendra Modi said that January 16 will be dubbed ‘National Startup Day‘ every year from 2023 in order to encourage businesses to design, produce and put together their goods in India.

When is National Startup Day celebrated?

Earlier this weekend, Prime Minister Modi said that the 16th of January will be dubbed “National Startup Day” in order to assist spread entrepreneurialism at the grassroots level. There are now over 60,000 businesses in India, including 42 unicorns. 

In PM Modi’s view, National Startup Day is another government effort to free entrepreneurs and innovation from bureaucratic shackles. Modi called startups the “backbone” of modern India and the “engine” that will drive economic progress in India.

A glimpse into the startup scene in India

There are a number of government programs, such as ‘Start-Up India’, ‘Stand-India’, and ‘Make in India,’ that provide support for young entrepreneurs. 

42 unicorns—startups with a valuation of more than $1 billion—exist in India. As of 2021, India has issued 28,000 patents, up from 4,000 in 2013-14, and registered 2.5 lakh trademarks, up from 70,000 in the previous year.

In terms of unicorns, India has the third-largest base in the world behind the United States and China, which have a combined total of 301 unicorn businesses, according to an Orios analysis. CB Insights estimates that there were around 963 unicorn businesses throughout the world.

More than 150 companies, separated into six groups, presented on six distinct themes: Growing from Roots, Nudging the DNA, From Local to Global, Technology for the Future, Building Champions in Manufacturing, and Sustainable Development during the event.

They shared their thoughts and views on their respective topics and stressed the importance of innovation and technology in expanding enterprises and market reach.

What was the need of National Startup Day in India?

There has always been a thriving startup environment in India, but in the last two years, the country has more than quadrupled the number of unicorns. Entrepreneurs are routinely praised for their innovation and risk-taking, but little attention is paid to what they post online in order to make their company dreams a reality.

Indian technology start-ups are expected to restore India’s former grandeur, since the country has long been home to inventors and creative leaders. After the Indian government took the initiative, people began to appreciate and use Indian-made goods.

Indian businesses may now take pride in their accomplishments in breaking stereotypes and making India competitive with global companies.

Organizers hope that the creation of the National Startup Day will inspire current business owners and, in turn, the next generation of entrepreneurs. Technology and innovation have a promising future, and this will contribute to the expansion of the Indian economy.

What do famous entrepreneurs have to say about this?

Bhaskar Chatterjee, Head of Products & Marketing at Ezetap, said a day like this may help bring stories of resilience and hard work to the forefront and motivate new and future businesses.

Founder and CEO of Increff Rajul Jain stated the following. As a society, we’ve shifted our focus away from foreign brands, technologies, and products, and toward those that are made in the United States.

Inventors and entrepreneurs in India should be proud of their achievements in shattering stereotypes and establishing India as a global competitor. Celebrate the spirit of entrepreneurship that will inspire everyone, regardless of their age or gender or educational background to make a difference by launching the National Startup Day on September 15.

They have a lot to prove to the rest of the world, and the road ahead is long. Because of the high prospects for technological advancement and innovation, India’s economy is poised for rapid expansion.

Is there a way to start a business in India?

To be eligible for startup registration in India, the following requirements must be met:

• A private limited company or a limited liability partnership must be used as the legal form of the business (LLP)
• For the first seven years of its existence, the company is a new business (Earlier 10year)
• If the company’s annual turnover does not exceed Rs 100 crore in any of the first 10 years, it is considered a startup. As soon as the firm exceeds the threshold, it loses its startup status.
• The company must be approved by the Department of Industrial Policy and Promotion before it can begin operating in China (DIPP)
• An Incubation Fund, an Angel Fund, or a Private Equity Fund should be used to fund the company.
• Indian Patent and Trademark Office patron assurance is required.
• A letter of reference from an incubator is required.
• Firms are expected to come up with new concepts and strategies.
• SEBI must be informed of every aspect of the funding (Securities and Exchange Board of India)

The steps involved in establishing a business in India

• Your company must be registered as a startup under the Startup India program and registered as a private limited company (PLC), limited liability partnership (LLP), or partnership firm (LP). There are a number of requirements that you must meet before you can submit your application.
• You will receive a registration number immediately after submitting this form. If you submit all of the required paperwork, you will get a certificate of incorporation or registration.
• To avoid being hit with a large fine of up to 50% of your paid-up capital of Rs 25,000 at the absolute least, you must be careful while submitting the data.
• If a startup in India is approved by the Inter-Ministerial Board, it does not have to pay any income tax for the first three years (IMB). Companies who have registered with DIPP can take advantage of the benefits without having to do anything more than that.

Final Thoughts

The Indian technology start-up scene has grown to become the world’s fourth-largest. Since 2010, the number of technology start-ups in India has increased significantly, and by 2014, there were more than 3,000 such firms in the country. 

Artificial Intelligence, Machine Learning, Big Data, Robotics, Blockchain, and other technologies are in high demand, and it won’t be long before Indian Technology start-ups lead the sector.

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