Mechanism to track progress of start-ups

News:

The Union Minister of State (Independent Charge), Dr Jitendra Singh, proposed a mechanism to track the progress of startups.

What:

• It is a proposed mechanism to track the progress of start-ups.

Why:

• A progress-tracking mechanism becomes necessary as the number of startups has increased to >1 lakh.

How:

• Factors identified as adversely affecting the sustainability of startups:
  • Lack of innovation
  • Lack of skilled workforce
  • Lack of funds
• Need an exercise to assess whether a ‘unique ID’ could be assigned to the startups for effective monitoring.
• This could be especially implemented focusing on those startups receiving technical and financial support from the government.