New Delhi, Jan 11 (NationPress) The total count of registered startups in India has experienced a remarkable increase to 157,066 from just around 400 in 2016, coinciding with the launch of the Startup India initiative. This surge has led to an impressive rise in investments for these new ventures, escalating from $8 billion to $115 billion over the past nine years, as per data shared by the Department for Promotion of Industry and Internal Trade (DPIIT).
These startups have successfully generated over 1.6 million jobs across the nation, underscoring their significant role as key employment creators.
Moreover, there are over 73,000 startups that feature at least one woman director and have been recognized under the Startup India initiative.
According to an official statement, this accounts for nearly half of the total 157,066 startups supported by the government, highlighting the vital role that women play in fostering innovation and driving economic growth.
India has positioned itself as one of the most dynamic startup ecosystems worldwide, ranking as the third-largest startup hub with more than 100 unicorns, each valued at a minimum of $1 billion.
These startups make a direct contribution to the GDP through innovation-led productivity, and indirectly by promoting ancillary industries.
The Prime Minister Narendra Modi-led government initiated the Startup India program on January 16, 2016, aiming to create a robust ecosystem to nurture innovation and startups.
The government has rolled out several initiatives to support startups, including Income Tax Exemption for three years, the Startup India Seed Fund Scheme, the Fund of Funds for Startups, and the Credit Guarantee Scheme for Startups. Additionally, there are measures in place to enhance the Ease of Doing Business for startups, such as a single-window clearance system.
Sector-specific initiatives with customized policies for industries such as biotechnology, agriculture, and renewable energy have also stimulated growth within the startup ecosystem.
Metropolitan areas like Delhi-NCR, Bengaluru, Hyderabad, and Mumbai have emerged as hubs of innovation.
The widespread access to affordable Internet, combined with a youthful and dynamic workforce, has propelled the growth of startups across various sectors, including fintech, edtech, health-tech, and e-commerce.
As reported in the Indian Startup Ecosystem Report by Startup India, startups in India have harnessed cutting-edge technologies such as Artificial Intelligence, blockchain, and Internet of Things to tackle both local and global challenges, the official statement concluded.
