Govt. serious about extending support & creating congenial atmosphere for growth of startups: Som Parkash

Thursday, February 25, 2021

ASSOCHAM Startup Launchpad Pitch Series concludes with three winners cherry-picked from across 12 cities
New Delhi, 25th February 2021: Government sees India’s future in its start-ups and is very serious about extending all support to the sector thereby creating a congenial atmosphere for their growth, Union Minister of State for Commerce & Industry, Mr Som Parkash said in an ASSOCHAM virtual summit today.
“Start-up scheme is one of the most prestigious schemes launched by Hon'ble Prime Minister, we see future of India in the start-ups. Young boys and girls with the talent to translate their ideas into actions and contribute in making India a world leader,” said Mr Parkash addressing the grand finale of ASSOCHAM Launchpad - Startup Elevator Pitch Series.
The Minister added, “Government is very serious about this and wants to extend maximum opportunities and create congenial atmosphere for them to grow.”
He also said that Government and the industry department is providing number of incentives and guidance to startups on how to form the companies, starting the business and other benefits like income tax exemption, relaxation in marketing experience, work experience and is also relaxing labour laws.
“Now we are also starting credit guarantee scheme and startup business fund scheme with Small Industries Development Bank of India (SIDBI), Government is giving top priority to the schemes,” said Mr Parkash.
The Minister assured that Government will provide all the support to the industry to make India strong and Atmnirbhar. “Future of India is in the hands of startups who are working hard and coming up with new ideas.”
He also complemented ASSOCHAM and India Inc. for making sincere efforts to further promote the startup culture in India.
The ASSOCHAM Launchpad - Startup Elevator Pitch Series, an initiative and platform for budding entrepreneurs was a series of startup competitions held countrywide. Over 1,200 startups were screened and over 300 companies competed in 12 regional events that presented their innovative solutions, ideas, and technologies to a captivated audience of industry professionals and acclaimed investors.
The first of its kind series organised by ASSOCHAM culminated at the Grand Finale held virtually today. A total of 38 regional finalists made their final presentation to a distinguished jury yesterday for prizes worth up to INR 1.5 crore.
Three startups viz., Econovus (winner), Bastar Se Bazaar Tak (Runner Up) and Medilane (2nd Runner Up) were shortlisted as the three finalists for the grand finale event.
Sharing his perspective, ASSOCHAM president, Mr Vineet Agarwal said, “The ASSOCHAM startup series will empower startups for better business growth, cultivating smart technological solutions, innovation and invention. Besides, it will help in connecting the Startups with related industry members of the chamber for hand-holding and creating a business opportunity and trade among them.”
He added, “We intend to facilitate connectivity with overseas companies to avail emerging opportunities, technology transfer and contract manufacturing tie-ups and interface with regulatory bodies, government officials and credit lending agencies and others.”
The ASSOCHAM chief also expressed gratitude towards Department of Industrial Policy and Promotion (DPIIT), Ministry of Commerce and Industry and the Ministry of Electronics and Information Technology (MeitY), Government of India for supporting the ASSOCHAM Startup Launchpad Series, which was started in 2019.
In his address, chairman of the ASSOCHAM National Council on Startups said, “The ASSOCHAM Startup Launchpad has helped talented and aspiring entrepreneurs’ network, build partnerships and, most importantly, giving them a chance to secure funding and accelerate their business.”
Mr Ashish Agarwal, co-chairman said, “This pitch competition has proved to be a great place for many of India’s entrepreneurial voices to be heard and helped young entrepreneurs to showcase their ideas in front of the entrepreneurial community, pitch to multiple investors, get insights on how to scale up business, gain some valuable exposure and feedback.”
Ms Tripti Somani, co-chair said, “The ASSOCHAM startup series has provided a prestigious platform to entrepreneurs with a chance not just to prove themselves in front of a great crowd, but also to mingle and gain access to chamber’s network and resources.”
Amid others who addressed the virtual event included: Mr Jeet Vijay, Chief Executive Officer, MeitY Startup Hub; Mr Vikram Gupta, founder & managing partner, IvyCap Ventures Advisors Pvt. Ltd.; Dr Anurag Batra, chairman & Editor-In-Chief, BW Businessworld & Founder - Exchange4Media Group; Mr R. Ramanan, mission director, Atal Innovation Mission, NITI Aayog.
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on
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