Bengaluru, NFAPost: Even though the country is going through facing a crisis after the outbreak of Covid-19, India’s Department for Promotion of Industry and Internal Trade (DPIIT) is exploring ways to further boost its support of the ever-growing and vibrant startup environment by roping in a consulting firm to help with the process.
Since various government bodies in this initiative, DPIIT feels that there should be a centrality in the entire process. This is happening at the central and state government level also. Taking into account the current scenario, DPIIT has invited requests for proposals (RFP) from firms that are interested in helping the government in its wider policy initiative and process development to support startup and entrepreneurship.
“DPIIT proposes to engage a consultancy organisation to provide support… for a period of three years, extendable one year at a time for a total duration of five years, to assist and support the department in effective and on-ground implementation of Startup India Action Plan,” states the organisation.
As a nationwide initiative, the government launched the Startup India scheme in 2015 that is aimed at ensuring that India’s vibrant startup environment reaches its potential. The scheme develops initiatives to support startups in various phases of their growth, ranging from the ideation phase to funding, all the way to industry partnerships and incubation.
The scheme also facilitates partnerships between the startup landscape and the Academic environment in India. The appointed consultant will not only support the implementation of these initiatives but will also be tasked with devising growth strategies for the Startup India scheme.
The decision comes at a time when India climbs to the second position in the most promising market for disruptive technology in the world. This has led to Fortune 500 and top 10 economies around the world to come up with solid game plans to towards setting up strong relationship with India’s innovation ecosystems
Through the consultative approach, the DPIIT is expecting to fine-tune the government’s existing policy initiatives to meet the needs of a startup environment that is fast emerging as a globally competitive hub. A majority of Indian startups operate in the tech space, and experts have suggested that the market is becoming comparable to Silicon Valley in its scale.
Commenting on the rise of India’s position in startup and global tech landscape, KPMG India Head of Markets Enablement & Technology, Media & Telecom Satya Easwaran said India’s climb to the second position lends credence to how we as a country are committed to setting up strong innovation ecosystems.
“Bengaluru’s entry in the top 10 rankings, is another sign that the city is doing well in the areas of modern infrastructure, attracting skilled talent and investment funding,” said KPMG India Head of Markets Enablement & Technology, Media & Telecom Satya Easwaran.
Major global investors have entered the Indian market to capitalise on this environment, further boosting the market’s role in the global tech ecosystem. India’s phenomenal contribution with its young tech professional in machine learning, artificial intelligence, core research, IoT, Industry 4.0 and sapce researches have gained global attention.