An Analytical Study on Problems and Challenges Faced by Startup India Initiative and its Role on Economic Development of India

Abstract

Startup is the most widespread term in present era. It has great impact on economy of the country. People who have innovative idea are starting their startups with minimum resources. Once startup is accepted by the society it contributes a lot in the development of the economy. Hence, this study focuses to understand the role played startups in economic development of an economy. The objective of this research is to examine the various challenges/problems faced by start up at the initial stages, to understand the initiatives taken by Government for startup India and to study the contribution of startups in economic development of the country. It is found that startups in India face lot of problems, like problem of creativity and innovations, problem of availability of good mentor, lack of funds, long formalities in compliance, problem of hiring good employees, etc. but the growth in the number of startups tell us a different story.