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Union Minister of State for Commerce and Industry, Som Parkash has said that the Startup India initiative was launched by the Government to build a strong ecosystem for nurturing innovation, startups and encouraging investments in the startup ecosystem of the country. 

The Minister further noted that in order to meet these objectives, the Government unveiled an Action Plan for startups comprising of schemes and incentives envisaged to create a vibrant startup ecosystem in the country. The Action Plan comprises of 19 action items spanning across areas such as ‘Simpli?cation and hand holding’, ‘funding support and incentives’ and ‘industry-academia partnership and incubation’.

Som Parkash also underlined that for attaining speci?c objectives, various programs are implemented by the Government under the Startup India initiative. He said as a result of sustained efforts, the Government has recognized 1,14,902 entities as startups as on October 31, 2023.