The total number of registered startups in India have surged to 1,57,066 from around 400 in 2016, when the ‘Startup India’ initiative was launched, with investment in these new ventures jumping to $115 billion, from $8 billion in this nine-year period, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).
These startups have created over 1.6 million jobs across the country, demonstrating their role as significant employment generators.
Besides, there are more than 73,000 startups with at least one-woman director that have been recognised under the ‘Startup India’ initiative.
“This represents nearly half of the 1,57,066 startups supported by the government, showcasing the crucial role women play in driving innovation and economic growth,” according to an official statement.
India has now emerged as one of the most vibrant startup ecosystems globally, earning its place as the third-largest startup hub with over 100+ unicorns which are worth at least a billion dollars.
These startups contribute directly to the GDP through innovation-driven productivity and indirectly by fostering ancillary industries.
The Prime Minister Narendra Modi-led government launched the ‘Startup India’ initiative on January 16, 2016, with the objective of building a strong ecosystem for nurturing innovation and startups.
The government has introduced various schemes to promote startups which include Income Tax Exemption for three years, the Startup India Seed Fund Scheme, Fund of Funds for Startups, Credit Guarantee Scheme for Startups. There are also rules in place to ensure Ease of Doing Business for startups such as a single-window clearance.
Sector-specific schemes with tailored policies for industries like biotechnology, agriculture, and renewable energy have also encouraged growth in the startup ecosystem.
Cities like Delhi-NCR, Bengaluru, Hyderabad and Mumbai have become epicentres of innovation.
The widespread availability of affordable Internet, coupled with a young and dynamic workforce, has fuelled the growth of startups in diverse sectors, including fintech, edtech, health-tech, and e-commerce.
According to the ‘Indian Startup Ecosystem Report’ by Startup India, India’s startups have leveraged emerging technologies such as Artificial Intelligence, blockchain, and Internet of Things to solve local and global problems, the official statement added.
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