Since the unveiling of Startup India back in 2015, the ecosystem has seen a tremendous jump in the number of startups as well as funding
The centre has evidently been bullish on bolstering the growth of these startups with various initiatives like Fund of Funds for Startups (FFS) , followed by Startup India Seed Fund Scheme and the Credit Guarantee Scheme
EaseMyTrip founder Rikant Pittie told Inc42 that such policies are not only driving growth but also inspiring entrepreneurs
With the fourth edition of the National Startup Day this week, there is a lot to unpack, from achievements of the Indian startup ecosystem to the “to-do list” for the next few years. Since the unveiling of Startup India back in 2015, the ecosystem has seen a tremendous jump in the number of startups as well as funding, with the number of recognised startups now nearing the 1.6 Lakh mark.Discussing the role of policies in transforming the Indian startup landscape, EaseMyTrip founder Rikant Pittie told Inc42, “Together, these policies are not only driving growth but also inspiring entrepreneurs to build a brighter, innovation-driven future.”Talking about the necessary policy changes, Pittie added, “A key priority is streamlining regulatory frameworks. Simplifying regulations and reducing compliance burdens will allow startups to operate more efficiently.”“Policymakers should also encourage public-private partnerships to build robust ecosystems for startups. Events like the ONDC Startup Mahotsav highlight how collaboration can unlock opportunities and support growth,” added the EaseMyTrip cofounder.While such ẻnablement can help startups in overcoming many barriers and safeguarding their innovation, India is also putting efforts in establishing itself as a manufacturing player to avoid dependency on other countries. Promoting local manufacturing by incentivising design and research within the country, could reduce reliance on foreign tech, Pittie said.He recommends a risk-based regulatory framework for AI which promotes transparent and explainable AI systems. On the other hand, Pittie strongly believes that “a solid data governance framework will safeguard user privacy while supporting AI growth.”
The centre has evidently been bullish on bolstering the growth of these startups with various initiatives, facilitating startups with funds, simplified compliance and collaboration.