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National Startup Day 2023: Significance and History

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National Startup Day 2023

16th January, the founding day of Startup India is commemmorated as the National Startup Day. The event is being celebrated since 2022. Prime Minister Narendra Modi made the announceent last year by calling startups as backbone of new India. The Central government has planned several events this year to celebrate the National startup day across the country as the part of the Azadi Ka Amrit Mahotsav. To celebrate the spirit of Indian startup ecosystem and mark this momentous day, DPIIT (Department for Promotion of Industry and Internal Trade) is organising Startup India Innovation Week from 10th – 16th January 2023.

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National Startup Day 2023: Significance

The day is marked to encourage the spirit of entrepreneurship and promote achievements of Indian startups. It is also commemorated to provide a platform for startup entrepreneurs to discuss innovation for India’s youth and their contribution to the economy. The motive behind encouraging the idea of entrepreneurship is to give a boost to schemes like Make-in-India.

National Startup Day: History

Prime Minister Narendra Modi had announced the adoption of National Startup Day on January 16 last year. The same year India celebrated the first National Startup Day. The Department for Promotion of Industry and Internal Trade had also planned to organise a felicitation ceremony for the winners of the National Startup Awards 2022.

About Startup India

Startup India has launched on 16th January, 2016, the Startup India Initiative is an initiative of the Department for Industrial Policy and Promotion (DPIIT). It strives with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers.

Under the Startup India Initiative,the key pillars include

  • Simplification and Handholding – Easier compliance, easier exit process for failed startups, legal support, fast tracking of patent applications and a website to reduce information asymmetry.
  • Funding & Incentives – Exemptions on Income Tax and Capital Gains Tax for eligible startups; a fund of funds to infuse more capital into the startup ecosystem and a credit guarantee scheme.
  • Incubation & Industry-Academia Partnerships – Creation of numerous incubators and innovation labs, events, competitions and grants.

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