The Indian government launched the Startup India initiative on January 16, 2016, in a bid to promote entrepreneurship and support startup businesses in the country. The initiative was launched by Prime Minister Narendra Modi, and it is overseen by the Department of Industrial Policy and Promotion (DIPP).
The initiative has several components, including a startup action plan, a Rs 10,000 crore fund of funds, incubators, and a startup ranking system. The action plan includes measures such as providing tax exemptions, easing company registration procedures, and creating a credit guarantee fund. The fund of funds is meant to provide equity capital to startups. The incubators will provide support in terms of funding, mentorship, and infrastructure. The ranking system will rank startups based on their innovation, scalability, and impact.