Over 50 changes for ease of doing business for startups, says Goyal – Times of India

BENGALURU: Gujarat, Karnataka Meghalaya was the ‘best performer’ in developing a startup ecosystem for entrepreneurs last year, according to the latest ranking of states and union territories by the Centre’s Department for Promotion of Industry and Internal Trade (DPIIT). KeralaMaharashtra, Odisha, Telangana and Jammu and Kashmir were in the next category of ‘top performers’.
In the last report in 2019, Gujarat and Andaman and Nicobar Islands were in the ‘Best Performing’ category, and Karnataka and Kerala were in the ‘Top Performer’ category.
There are three other categories: Leaders, Aspiring Leaders and Emerging Startup Ecosystems. The eight states and union territories in the leader’s ranks include Tamil Nadu, UP and Punjab. Tamil Nadu And UP was in the Emerging Startup Ecosystem category in the 2019 study. Rajasthan, Delhi and Madhya Pradesh are among the 11 states and union territories in the list of aspiring leaders.
According to the latest ranking of states and union territories by DPIIT, among the major states, Andhra Pradesh and Bihar are in the emerging startup ecosystem category.
The study looks at areas such as institutional support to startups, access to markets, incubation support and funding support. This year, three areas were added to the framework, which include capacity building of enablers, consultancy support and promotion of innovation and entrepreneurship. India has the third largest startup ecosystem in the world after the US and China. Minister of Commerce and Industry Piyush GoyalReleasing the latest report, said that India should aspire to become No.
He said the government has made 52 regulatory changes to support ease of doing business for startups and facilitate their growth. He said, “Indian startups have raised $42 billion in funding during calendar year 2021, surpassing funding previously raised in any other calendar year. This momentum has continued into 2022, with startups reaching Q1 2022 It has raised over $11 billion alone.”
The state-specific reports for each of the 31 participating entities include a comprehensive analysis of the respective ecosystem and an overview of the strengths and priority areas for the future. Policy intervention has been high on the agenda of the government.
Karnataka was ranked the best performer for introducing an engineering research and development policy to attract sector-centric incentives and creating a regulatory sandbox for startups to be exempted from state and municipal laws.