Boosting the sentiment towards entrepreneurship, Startup India, a flagship initiative of the Government of India, has successfully been able to spread recognized startups across 623 districts. Currently, at least one startup is present in each state and UT. While specific startup policies have been announced by 30 states and UTs to support startups, Delhi, UP, Karnataka, Maharashtra and Gujarat currentlhy have good number of startups.
If we look at the data, the number of startups recognized by Department for Promotion of Industry and Internal Trade (DPIIT) has gone up to fifty thousand while in just 180 days 10,000 startups have been added. Notably, the recognized startups have created about 1.7 lakh jobs in 2020-2021.
The entrepreneurs have now options to avail benefits through a range of infrastructure support and the support of laws and regulations, leading to the growth in startup ecosystem. The maximum startups have been registered across ‘Product Development’, ‘Food Processing’, ‘Application Development’, ‘Business Support Services’ and ‘IT Consulting’ Moreover, 45% startups have a women entrepreneur in their leadership teams. In this way, a trend has been created which inspires more and more women entrepreneurs turning their ideas into startups.
Through Fund of Funds and Startup India with 945crore investment outlay, funding opportunities to startups have been enhanced. Moreover, DPIIT has conceived and implemented multiple programs like Prarambh: Startup India International Summit, State Ranking Framework, National Startup Awards and Global VC Summit which have altogether provided opportunities to engage with multiple partners and get recognized for the work being done and their contribution.
DPIIT in the meanwhile, will continue to address the challenges in the ecosystem and the growth opportunities by engaging through multiple stakeholders to help Indian startup ecosystem attain greater heights.