What is Prarambh? All about Startup India International Summit

Know what is Prarambh an all India International Summit here. Know its significance, its idea, objectives and benefits here
Created On: Apr 8, 2021 17:33 IST
Modified On: Apr 8, 2021 17:33 IST
Prarambh India International
Prarambh India International

Why in News?

The Prarambh startup India International Summit 2021 was held in January this year. This year marked the fifth anniversary of the Summit. "This program not only brought a sharp focus on startups but catalyzed the Indian startup ecosystem and accelerated Indian entrepreneurs building innovative solutions for Indian and global needs" , as informed by the ministry. 

Prarambh- Starup International Summit:

The Prarambh Startup International Summit involved the participation of BIMSTEC (Bangladesh, India, Myanmar, Sri lanka, Thailand) nations in the first ever conclave. 

The two day summit marked the fifth anniversary of Startup India Initiative. 

It also comes as a follow-up of the announcement made by Prime Minister Modi at the fourth BIMSTEC Summit held in Kathmandu.

The two-day summit marked the fifth anniversary of the Startup India initiative 

More than 25 countries participated in the summit. The largest confluence organized by the government since the launch of the Startup India initiative 

About Prarambh:

  1. Prarambh means auspicious beginning. It means 'to start'. 
  2. This would bring together top policy makers in industry, academia, investors, start-ups and all stakeholders from across the globe. 
  3. It is committed to deliberating on good practices from best ecosystems of the world. 

Significance:

  • The major idea is to attain global capital for startups in India.
  • It would also mobilize domestic capital
  • It would provide opportunities for accessing international markets  for the Indian startups and evolve enabling policy provisions.

Objectives of Prarambh:

  • Its objective is to encourage and inspire the youth for innovation and entrepreneurship
  • It encourages to exchange knowledge on best practices to nurture startup ecosystems
  • It develops capacities of entrepreneurial ecosystem
  • It aims to mobilize global and domestic capital for investments into startups
  • It provides opportunities to startups for entering domestic and international markets
  • It provides the platform to demonstrate high-quality, technology and frugal innovations from India.

Startup India initiative is also started to discard the restrictive state government policies such as Land permissions, licence raj, foreign investment proposals and environmental clearance rest. The Government has come up with a brilliant plan like this to support the young generation and motivate them to start their own entrepreurial journeys.

Read| Static GK and Current Events Questions and Answers: 8th April 2021

 

FAQ

What is Prarmbh Summit also called as?

The Startup India International Summit is another name for Prarmbh

Who organizes Prarambh International Summit?

Prarambh is organised by Department for Promotion of Industry and Internal trade (DPIIT) and the Ministry of Commerce and Industry.

When did Prarambh Summit take place this year?

Prarmbh Summit took place on January 16, 2021
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