GoI Launches India-SCO Startup Forum To Facilitate Innovation

Commerce and Industry minister Piyush Goyal launched the India-SCO startup forum to help strengthen startup ecosystem in the country and thereby laying foundation for multinational co-operations in future.

Launching the initiative, Goyal said that creativity, innovation and disruption will be the new mandate in the future and larger engagements will benefit new and unique concepts to prosper.

“The SCO has been a key regional cooperation effort in the Eurasian region in the past two decades and SCO member states have huge amount of untapped potential and talent. Their participation at today’s launch of the forum is a reflection of the desire to expand the engagement and nurture the spirit of innovation among member states.”

The Shanghai Cooperation Organisation (SCO) consists of China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan, Uzbekistan and of course India. India has been a member of the SCO since June 2017.

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According to government data, since the launch of the startup India initiative in 2016, over 35,000 startups are recognised by the government spreading across 28 states and 8 union territories.

The forum will certainly help in empowering the local startup ecosystem, and enable access to investors and corporates. Our country has already provided an encouraging establishment to have more startups come up with brilliant ideas by recognising interesting work through the national startup award programme.

National Startup Award Programme

The government of India announced the results of the first edition of National Startup Awards on October 6th to recognize and reward outstanding startups and ecosystem enablers with high potential of employment generation or wealth creation.

The first edition of Startup Awards invited applications across 12 sectors which were further sub-classified into a total of 35 categories.

These 12 sectors are agriculture, education, enterprise technology, energy, finance, food, health, industry 4.0, space, security, tourism and urban services.

The DPIIT has formulated an EFC (Expenditure Finance Committee) note on startup India seed fund scheme with a total proposed corpus of Rs 945 crore to help budding entrepreneurs and startups.

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The forum was jointly launched by industry body CII and  Department for Promotion of Industry and Internal Trade (DPIIT).