Goyal wants start-ups to take India among Top 25 in Global Innovation Index

New Delhi, Jan 10 (UNI): The Centre is positioning the Open Network Digital Commerce (ONDC) as a game changer to bring in equity in the business ecosystem with an accompanying goal of taking India among the top 25 positions in the Global Innovation Index as part of a futuristic road map for creating a self-reliant start-up and innovation ecosystem.

The Startup India Innovation Week being organised by the Department for Promotion of Industry and Internal Trade (DPIIT) from January 10-16 is a major exercise in aiming for the high innovation index slot by bringing together India’s leading start-ups, entrepreneurs, investors, funding entities and international stakeholders to chart a roadmap to realise the goal.


“Indian start-ups as the key reason behind the country’s meteoric rise in the Global Innovation Index from 76 in 2014 to 46 in 2021,” said Minister of Commerce and Industry Piyush Goyal on Monday, as he launched the “Startup India Innovation Week” virtually.

Outlining the need for further strengthening of the innovation ecosystem by continuous review, reinvention, rejuvenation, Goyal pointed to the success of IPOs of many start-ups which show their power to become the new multi-national corporations.

“Start-ups turned Covid-19 crises into an opportunity and made 2021 the year of unicorns with 3rd largest unicorns (82) in the world,” he added.

The week-long event this year marks the completion of six years of the launch of the mission by Prime Minister Narendra Modi in January 2016 to stir the entrepreneurial spirit across India. Stakeholders at the Innovation Week will focus on exchange of knowledge on nurturing start-up ecosystems, developing capacities and mobilising global and domestic capital for start-up investments. Providing market access besides showcasing high-technology and frugal innovations from India are the other planned outcomes.

The government has been a ‘facilitator’ for start-ups by bringing in ease of doing business, providing 80% rebate on patent filing and 50% on trademark filing fees, relaxation in public procurement norms, self-certification under labour and environmental laws, funds for start-ups, income tax exemption for 3 out of 10 years and seed fund scheme of Rs 945 crore. An improved IPR regime has resulted in the registration of 1.16 million trademarks in the last 4 years, compared to 1.1 million registrations in the last 75 years.

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