Current Affairs 17th January 2022 National Startup Awards 2021 

Why in discussion?

Recently the Union Minister of Commerce and Industry National Startup Awards 2021 The second edition of .

  • It has also been announced that on 16th January (Startup India Initiative was launched on this day in 2016) to take the startup culture to the remotest parts of the country. National Startup Day will be celebrated as
  • The Department for Promotion of Industry and Internal Trade (DPIIT) has invited applications for tax incentive certificates. blockchainEnable Verification with  Digilocker Saksham DPIIT Startup Recognition Certificate' has also been launched.

Startup India Initiative:

  • This 2016 Launched in 2016, it envisions creating a strong startup ecosystem in the country to nurture innovation and provide opportunities to budding entrepreneurs.
  • It focuses on the following three areas:
    • Simplification and handholding.
    • Financing support and incentives.
    • Industry-Academy Partnership and Incubation.

key points

  • Design:
    • Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
  • Objective:
    • Recognizing and rewarding outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises with high potential for job creation or wealth creation, that demonstrate measurable social impact.
  • Awards of the Year 2021:
    • In the second edition of the award, applications were invited in 15 sectors and 49 sub-sectors.
    • The 2021 edition of the award also felicitated exceptional startups for promoting Indian languages and lauding the national efforts to combat the COVID-19 pandemic.
      • All applicants were assessed on six broad parameters – innovation, scalability, economic impact, social impact, environmental impact, and inclusivity and diversity.
  • Prize:
    • The winning startup founders will get a cash prize of Rs 5 lakh and an opportunity to present their solutions to the concerned public authorities and corporates. The Incubator and Accelerator will get Rs 15 lakh as the winning amount.
      • 46 Startups along with 1 Incubator and 1 Accelerator were honored with the award.

Startup Status in India:

  • introduction:
    • India is currently the third largest startup ecosystem globally (by number of startups) with over 15,000 startups established in the year 2020 as compared to 5000 startups in the year 2010.
    • The underlying enablers of this startup ecosystem include smartphone and Internet access, cloud computing, application programming interfaces (APIs) and a national payments stack.
    • Additionally, amid the COVID-19 pandemic, India has seen more unicorn startups (startups with a value of over $1 billion) in 2021 alone than it did in the entire decade of 2011-20.
    • However, there are still many challenges that stand in the way of realizing the true potential of startups in India.
  • Other related initiatives:
    • Ranking of States on the basis of Startup Ecosystem: It is a developed assessment tool aimed at supporting States and UTs to build their startup ecosystem as a whole.
    • SCO Startup Forum: first time Shanghai Cooperation Organization (Shanghai Cooperation Organization- SCO) Startup Forum was launched in October 2020 to collectively develop and improve the startup ecosystem.
    • StartPrarambh: The aim of the summit is to provide a platform for startups and young minds from across the world to come together for new innovations and inventions.
    • Startup India Seed Fund Scheme: Its objective is to provide financial assistance for startups for prototype development, proof of concept, product testing, market entry.
    • Fisheries Startup Grand Challenge: The Ministry of Commerce and Industry in association with Startup India, Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying inaugurated the Fisheries Startup Grand Challenge.