Government of India's Startup Initiatives Quiz

Startup Objectives and Contributions

• The primary objective of a startup is to develop and market a innovative product or service.
• The Government of India's initiative, Startup India, aims to provide financial support and tax benefits to startups.

Economic Growth and Innovation

• Startups contribute to economic growth by creating jobs, driving innovation, and increasing productivity.
• One of the significant functions of startups is to introduce novel solutions to existing problems, which drives innovation and economic growth.

Innovation and Competitiveness

• The primary purpose of innovation is to improve products, processes, and services.
• Innovation contributes to staying competitive in various fields by providing a unique edge over others.
• In a rapidly changing world, innovation plays a crucial role in helping businesses adapt to new circumstances.

Process Innovations

• A common outcome of innovations in processes is increased efficiency and productivity.

Driving Innovation

• According to the text, innovation is driven by the need to develop novel solutions to existing problems.