Indian Economy News

Over 50 changes for startups' ease of doing business, says Mr. Piyush Goyal

According to the latest ranking of states and union territories by the Centre's Department for Promotion of Industry and Internal Trade (DPIIT), Gujarat, Karnataka and Meghalaya were the 'best performers' in developing startup ecosystems for entrepreneurs in 2021.

Leaders, aspirant leaders, and developing startup ecosystems make up the remaining three categories. Among the eight states and UTs in the leader’s category are Tamil Nadu, Uttar Pradesh, and Punjab.

In the 2019 survey, Tamil Nadu and Uttar Pradesh were classified as emerging startup ecosystems. Among the 11 states and UTs in the category of prospective leaders are Rajasthan, Delhi, and MP. According to the most recent assessment of states and UTs by the DPIIT, Andhra Pradesh and Bihar, two big states, are in the category of growing startup ecosystems.

52 regulatory adjustments have been made by the government to make it easier for startups to conduct business and to promote their expansion.

During the calendar year 2021, Indian startups raised US$ 42 billion in investment, surpassing the amount raised in any prior calendar year. In 2022, this pace has maintained, with companies raising over US$ 11 billion in just the first quarter, said Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles

Karnataka was ranked best performer for launching an engineering research and development policy to attract sector-focused incentives, and creating regulatory sandboxes for startups to avail exemption from state and municipal laws

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.