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Union Government Launches 'Innovation Week' To Promote Startup Ecosystem

The country would celebrate entrepreneurship and innovation in the country's leading start-ups, entrepreneurs, investors, incubators, funding agencies, banks and bring together policy makers and more into one platform.

The Union government is set to celebrate the first StartUp Innovation Week from 10 January 2022 to 16 January 2022. Under the initiative, the Centre has decided to celebrate entrepreneurship and promote entrepreneurs, investors, incubators, funding agencies, banks, Bring together policymakers and more into one platform. The official statement introduced the initiative to cover the country's length and breadth of entrepreneurship. The Ministry of Commerce and Industry statement mentioned that the Department of Industry and Industry Promotion (DPIIT) would be hosting a week-long virtual event to commemorate the 75th year of India's independence.

Over 61,000 Start-Ups Identified

India has the third-largest startup ecosystem globally, and interestingly, 2021 has been identified as the 'Unicorn Year' after adding more than 40 unicorns. DPIIT is currently aware of 61,000 startups in the country representing 55 industries. Spanning over 633 districts, the list has at least one startup from all states and Union Territories and have generated more than 60,000 jobs since 2016. Females represent nearly 45 per cent of the startups, and the same percentage belong to Tier-2 and Tier-3 cities.

NDTV reported that over 150 startups had been divided into six working groups, based on themes like Growing from Roots, Nudging the DNA, from Local to Global, Technology of Future, Building Champions in Manufacturing and Sustainable Development.

Promoting Entrepreneurs In The Country

The week-long event involves several departments from the Union Territories' and state governments and offers several workshops, interactive sessions and academia for the budding startups of the year. Moreover, the celebration also facilitates mentorship, incubation, accelerated support for startups and enterprises. Easy market access through the government, financing for globalization and many international avenues would be some of the key takeaways from the event. Additionally, various parallel activities such as experience booths, pitching or reverse pitching sessions, innovation showcases based on the identified theme.

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