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Tuesday, September 29, 2020

Gujarat, Andaman & Nicobar Islands best in providing strong startup ecosystem

According to the second edition of the State’s Startup Ranking report, Karnataka and Kerala followed Gujarat as ‘top’ performers, while Chandigarh emerged as the ‘leader’ in the ranks after Andaman & Nicobar Islands.

By: ENS Economic Bureau | New Delhi | Updated: September 12, 2020 11:23:59 am
Start-ups, Gujarat Start-up, Andaman, India economy, State’s Startup Ranking report, startup ecosystem, Piyush Goyal, Indian economy, Indian express newsWhile releasing the report, Commerce Minister Piyush Goyal said he was “keen” that the industry, high net-worth individuals as well as mutual funds and pension funds also participate in funding startups.

Gujarat and Andaman & Nicobar Islands have topped the rankings of states and Union Territories that have been able to foster a strong startup ecosystem, showed the second edition of the State’s Startup Ranking report released on Friday. Karnataka and Kerala followed Gujarat as ‘top’ performers, while Chandigarh emerged as the ‘leader’ in the ranks after Andaman & Nicobar Islands.

This is Gujarat’s second time as a topper in this exercise, which was started in 2018 to “encourage mutual learning among all states and to provide support in policy formulation and implementation” in the startup field. User feedback accounted for about 76 per cent of scores given to the states and UTs.

The States’ Startup Ranking Framework 2019 announced on Friday has seven broad reform areas consisting of 30 action points spanning indicators like institutional support, easing compliances, relaxation in public procurement norms, incubation support, seed funding support, venture funding support and awareness and outreach.

To establish uniformity and ensure standardisation in the ranking process, States and UTs have been divided into two groups, stated the report. Except for Delhi and Assam, all UTs and North East Indian states were placed in category ‘Y’, while all other states and Delhi were put in Category ‘X’.

While releasing the report, Commerce Minister Piyush Goyal said he was “keen” that the industry, high net-worth individuals as well as mutual funds and pension funds also participate in funding startups. The ranking framework, in its second edition, is a “much more evolved” tool to direct the energies of participating states towards achieving “the right goals” towards supporting their startup ecosystem holistically, said DPIIT Secretary Guruprasad Mohapatra.

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