Commerce Ministry launches tools to rank states, UTs on startup ecosystem

On February 6, 2017, Union Minister of Commerce and Industry, Suresh Prabhu launched three tools – States and Union Territory Startup Ranking Framework, Compendium of Good Practices for Promoting Startups in India and the Startup India Kit – for ranking States and Union Territories (UTs) on startup ecosystem.

States and Union Territory Startup Ranking Framework:

Main objective of this tool is to encourage States and UTs to take proactive steps for strengthening the Startup ecosystems at the local level.

  • Impact of each step initiated at the local level for building a strong Startup ecosystem will be measured under this framework.
  • This framework has been developed on basis of the feedback collected from Startup ecosystem stakeholders’ viz. startup mentors, investors, incubators and accelerators.
  • Steps taken for facilitating/promoting Seed funding and women entrepreneurship have been accorded higher weightage.
  • Feedback on actions and initiatives undertaken by states/UTs has been taken into consideration. The actions and initiatives include having a startup cell, helpline, mobile or web portal for queries, size of the startup mentor network created by local government and the number of incubators.
  • Ranking Framework will be launched through the Startup India Hub portal.

Compendium of Good Practices for Promoting Startups in India:

The compendium focuses on enriching the Startup ecosystem through ethical behaviours.Commerce Ministry launches tools to rank states, UTs on startup ecosystem

  • Practices enlisted in the compendium are already being followed by 18 States and UTs.
  • The compendium covers 95 good practises placed under 7 broad areas of intervention – Incubation Support, Angel & Venture Funding, Awareness & Outreach, Seed Funding, Startup Policy & Implementation, Easing Public Procurement and Simplified Regulations. 
  • The practices have been further crystallised into 38 action points.

Startup India Kit:

This kit will serve as a one-stop guide on all Startup India offerings.

  • The kit contains vital information, statistics, advice and assistance through website links, tools, events, competitions, templates and a glossary of startup terms.
  • The kit enlists all benefits available to startups through Startup India initiative.

Quick Facts about Startup India Initiative:

  • Launched in – January 2016
  • Administered by – Union Ministry of Commerce and Industry
  • In context of this news, it is important to note that India is home to about 20000 startups and about 1400 startups are beginning operations every year.
AffairsCloud Recommends IBPSGuide Mock Test