The Minister of Trade and Industry announces the third edition of the ranking of countries to support start-up ecosystems. Piyush Goyal.
The Ministry of Industrial Promotion and Inland Trade (DPIIT) held an event to promote India’s vision of competitive and cooperative federalism, the ministry said in a statement.
The exercise was launched in 2018 to encourage states and union territories to work to ease startup growth rules and increase support for the startup ecosystem.
“A total of 24 states and seven union territories participated in the exercise this year, up from 25 last year and the highest to date,” the statement said.
The ministry said that as India becomes one of the top start-up countries in the world, the growth of entrepreneurship in Tier II and Tier III cities in the country has become necessary, adding that in 2016 and today there were four states/UTs with startup policies. there are over 30 states/UT that have a launch policy and 27 states/UT have their own state launch portal.
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The ministry will publish the state and UT rankings on July 4.
In this edition, there are seven broad reform areas, consisting of 26 action points, that are needed to provide regulatory, policy, and economic support to start-ups and ecosystem stakeholders.
Areas of reform included institutional support, promotion of innovation and entrepreneurship, market access, support for incubation, financial support, mentoring support, and capacity building of participants.
This edition assesses state and union territory support from October 2019 to July 2021.