Prime Minister Narendra Modi had
announced the 'Startup India, Standup India' initiative on Independence Day the
15th Day of August, 2015. Startup India is a flagship initiative of the
Government of India, intended to build a strong eco-system for nurturing
innovation and Startups in the country that will drive sustainable economic
growth and generate large scale employment opportunities.
The Government through this initiative
aims to empower Startups to grow through innovation and design. The scheme has defined
reporting and other requisite compliances and measure to achieve the privileges
of being a Start-Up in India.
This initiative aims at promoting bank
financing for start-up ventures to boost entrepreneurship and encourage
start-ups with jobs creation.