This paper brings into light the trending topic of the Indian Startup Ecosystem and the Government's initiative for the same, 'StartUp-India.' It begins by introducing Startup as a business concept and how it has benefited the national economy. It discusses issues that new and existing startups face, ranging from capital acquisition to marketing strategies. It further discusses how the Indian Economic Environment is a suitable place to run a startup and the opportunities it presents. The present paper critically analyses the 'StartUp - India' scheme and how it has helped develop home-grown startups by providing legal and financial resources and the required expertise. It also examines the economic impact of the COVID-19 pandemic and how startups can help revive the economy once things return to normal, as well as suggesting specific sectors for investors and venture capitalists to target.