India, poised to become one of the world’s largest economies in 2018, has the holy trinity of growth for startup establishment and investment
- Government Support
- Project funding and research facilities
- Talent pool
With considerable efforts from the central government to boost startups being made, and the subsequent bump to India’s Ease of Doing Business rankings worldwide, the fast emerging startup sector is an accelerator to the Indian economy.Following the Centre’s footsteps, the State Government of Uttar Pradesh has emerged as India’s next destination for startup establishment and investment, this is backed by the Hon’ Chief Minister Yogi Adityanath’s announcement of 1000 Crore Rupees as a funding base for startups along with transparency and digitization of startup establishments, In collaboration with StartupIndia, a Research Park for them at IIT Kanpur and a Startup Centre at MNIT Allahabad. Each startup is to be allotted a 15 Lakh Rupee monthly allowance for the Idea stage, along with a 10 Lakh Rupee grant for state assisted marketing and commercialization of the prototype product.
With 64.4% of the Population of India aged 15 to 59, India has a huge talent pool and market base for entrepreneurs and investors alike, paving the way for vigorous innovation at a national scale.