50,000 Startups Recognized By The Startup India Scheme Have Created 5.5 Lakh Jobs
50,000 Startups Recognized By The Startup India Scheme Have Created 5.5 Lakh Jobs over five years.
The Startup India initiative was launched by Prime Minister Narendra Modi on 16 January 2016 to catalyze startup culture and create a strong and inclusive ecosystem for innovation and entrepreneurship in India. The Department for Promotion of Industry and Internal Trade (DPIIT) in the Ministry of Commerce and Industry acts as the nodal department for the lead.
Department for Promotion of Industry and Internal Trade
“With the launch of the Startup India initiative, the recognized startups are now spread across 623 districts. All state and union territory has at least one startup. 30 states and union territories have published specific startup policies to support startups. Maharashtra, Karnataka, Delhi, Uttar Pradesh, and Gujarat have the largest number of startups, DPIIT said in a statement.
DPIIT said it took only 180 days to connect the last 10,000 startups, as compared to 808 days for the first 10,000 at the start of the initiative. “In 2016-2017 743 startups were recognized in the first year of the initiative, which has now grown rapidly to over 16,000 startups being recognized in the year 2020-2021,” it added.
Under the Startup India policy, entrepreneurs have the option of availing multiple laws, regulations, financial and infrastructural support, which has led to the growth of the startup ecosystem.
Around 1.7 Lakh Jobs Were Created By Recognized Startups in The Period 2020-2021
“Accredited startups have contributed significantly to job creation, with 5,49,842 jobs reported by 48,093 startups with an average of 11 employees per startup. Around 1.7 lakh jobs were created by recognized startups in the period 2020-2021 alone,” DPIIT said.
The sectors which had maximum registered startups are food processing, product development, application development, IT consulting, and business support services. “45% of startups have a female entrepreneur in their leadership organizations, a course that will encourage more women entrepreneurs to turn their ideas into startups,” the report said.
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“Startup India at DPIIT has been necessary for growing the key support classified for our startup economy. Funding changes for startups have been improved through the Fund of Funds Scheme with an overlay of Rs 10,000 crore and the recently started Startup India Seed Fund Scheme (SISFS) with an outlay of Rs 945 crore, DPIIT said.