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Second Edition of Startup Ranking for 2019

  • Category
    Economy
  • Published
    28th Feb, 2019

Department for Promotion of Industry and Internal Trade (DPIIT) released second edition of Startup Ranking for 2019.

Context

Department for Promotion of Industry and Internal Trade (DPIIT) released second edition of Startup Ranking for 2019.

About

Aim

  • The Startup Ranking framework aims to rank the States/UTs for establishing a robust ecosystem for supporting Startups.
  • The framework also encourages States and UTs to identify, learn and replicate good practices from each other.
  • The ranking exercise aims to evaluate measures taken by States/UTs during the assessment period from May 1, 2018 to June 30, 2019.

Procedure

  • The Ranking Framework 2019 comprises of 7 pillars and 30 action points.
  • The pillars will assess States’/UTs efforts across institutional support, simplifying regulations, easing public procurement, incubation support, seed funding support, venture funding support and awareness and outreach related activities.
  • DPIIT also proposes to recognise States and UTs for their exemplary performance in seven pillars of the ranking framework.
  • As part of the Ranking 2019 exercise, DPIIT will recognize innovative Startup programs and initiatives from State/UT Governments.

Difference with first edition

  • DPIIT has prepared the framework after several rounds of consultation with State and UT Governments.
  • The framework has evolved distinctly as compared to last year with major emphasis on collecting feedback from Startups and other important stakeholders from the Startup ecosystem.

Significance

  • The launch of the ranking framework in 2018 galvanized the States/UTs into action, thereby giving impetus to the Startup movement across the country.
  • Till date, 25 States and UTs have launched their dedicated Startup policies to incentivize Startups in their jurisdiction.
  • The Startup Ranking 2019 is expected to take forward the Startup ecosystem in the country and give impetus to the vision of India becoming a Startup Nation.

       Department for Promotion of Industry and Internal Trade

    • It was established in 1995 and has been reconstituted in 2000 with the merger of the Department of Industrial Development.
    • Recently, it was renamed from Department of Industrial Policy & Promotion to Department for Promotion of Industry and Internal Trade

     Role and functions:

    • Formulation and implementation of industrial policy and strategies for industrial development in conformity with the development needs and national objectives
    • Monitoring the industrial growth, in general, and performance of industries specifically assigned to it, in particular, including advice on all industrial and technical matters
    • Formulation of Foreign Direct Investment (FDI) Policy and promotion, approval and facilitation of FDI
    • Encouragement to foreign technology collaborations at enterprise level and formulating policy parameters for the same
    • Formulation of policies relating to Intellectual Property Rights in the fields of Patents, Trademarks, Industrial Designs and Geographical Indications of Goods and administration of regulations, rules made there under
    • Administration of Industries (Development & Regulation) Act, 1951
    • Promoting industrial development of industrially backward areas and the North Eastern Region including International Co-operation for industrial partnerships and Promotion of productivity, quality and technical cooperation.
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