START-UP
© Rahul Dutta | March 23, 2023
Reaching a global population of eight billion is a numerical landmark, but our focus must always be on the people. In the world we strive to build, 8 billion people means 8 billion opportunities to live dignified and fulfilled lives. ~ António Guterres, UN Secretary-General
https://www.un.org/en/observances/world-population-day
Important Facts
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- Every 5th person in this world is an Indian. In India, every year, more than 10 million students sit for the standard 12 exams.
- For 16053 seats at the Indian Institute of Technology (IIT), over 250,000 studies applied in 2021.
- India has the highest population of youth. Around 52% of Indians are in the below 30 years age bracket.
- In the year 2019, 6.5 million students completed graduation.
- In the last eight years, for Central Government jobs, for 72200 thousand positions, 220 million candidates applied.
- In the US, there were 32.5 million small businesses over 329.5 million population in 2021, amounting to 9.86% of small businesses.
Introduction
In the last eight years, central government job openings in India needed to be commensurate with the number of students entering the job market in a year to secure a Government Job. Indeed, there are State Governments and the private sector to absorb newly qualified candidates. However, the number of available opportunities is insignificant compared to the job-aspirant population. In the 21st century, a government job is not considered a social welfare measure. For is the reason the number of government jobs is shrinking with time.
Youth is the key to the future. The socio-economic development of the society and the country depends on the youth. Self-reliance through entrepreneurship is the only solution to keep unemployment under control.
Realising it, the Ministry of Commerce of the Government of India started a unique program called Start-up India to cater to the needs of unemployed youth who can be gainfully engaged and productive. The department for the promotion of industry and internal trade of the Ministry of Commerce & Industry caters to the needs of Start-ups as a single-stop solution finder for start-ups in India. The (MAARG) program serves start-ups’ Mentorship, Advisory, Assistance, Resilience, and Growth aspects.
The Start-up mission has served so far to more than 350,000 individuals who gave birth to more than 70,000 start-ups. The Start-up program has reimbursed financial benefits of INR 950 million to more than 8200 Start-up. The Government is promoting start-ups through seed funding, business alliances, incubation centres, tax holidays, single window clearance for starting the Start-up business, and also for the closure of the Start-up on insolvency and bankruptcy in 90 days.
Anything nascent needs protection, care, and guidance. A Start-up is nascent in the industry. The sky is the limit for the opportunities in the world’s 5th largest economy. We are committed to doing our bit to help realise the Start-up dream to bring prosperity all around.
INDIA-US Start-up SETU
Mentorship is an essential part of a Start-up ecosystem. Under the MAARG Program, a strategic mentorship program, India-US Start-up SETU, has been launched between India and the US to support entrepreneurs in transformation and upskilling. The US-based investors and Start-up leaders will mentor Indian Start-up. Registration for the Indian Start-up is open.
Credit Guarantee Scheme for Start-ups
The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has notified the establishment of the Credit Guarantee Scheme for Startups (CGSS) for providing credit guarantees to loans extended by Scheduled Commercial Banks and other financial institutions.
CGSS aims to provide credit guarantees up to a specified limit against loans extended by Member Institutions (MIs) to finance eligible borrowers. The exposure to individual cases would be capped at Rs. 10 crores per case or the actual outstanding credit amount, whichever is less.