India is taking steps to enhance entrepreneurial cooperation in the region by planning startup exchange programs with its neighbouring countries. Following the successful development of a framework for exchange with Bangladesh, India now aims to execute similar initiatives with Bhutan and Nepal.
The exchange programs aim to facilitate and strengthen partnerships, business relations, and knowledge exchange between startups in India and the neighbouring countries. By promoting collaboration and sharing of ideas in emerging areas of technology and innovation, these initiatives have the potential to significantly boost the subcontinent’s economy.
While India has already conducted a few exchange programs in the past, the country is now planning to establish a more structured and comprehensive annual exchange program specifically for startups from Nepal and Bhutan. The growing number of unicorns in India has led to an increased demand for such programs in recent years.
These exchange programs not only benefit micro, small, and medium-sized enterprises (MSMEs) in the region but also provide support for Global Value Chains (GVCs) seeking to transition and expand their operations. By fostering closer ties and collaboration among startups in the region, India and its neighbouring countries can contribute to the development of resilient GVCs.
India has been actively working to create a conducive policy environment for startups since 2016. The Department for Promotion of Industry and Internal Trade (DPIIT) has already recognized over 61,000 startups across 55 industries, reflecting the country’s commitment to nurturing entrepreneurial talent and innovation.
With India’s focus on resilient GVCs during its G20 presidency, the establishment of regional chains with a specific emphasis on startups can prove to be mutually beneficial for India and its neighbouring countries. These initiatives have the potential to drive economic growth, foster innovation, and strengthen cooperation in the startup ecosystem across the region.
