The total number of registered startups in India has 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).
Growth of Startups (2016–2024):
- Startups Registered: Surge from 400 in 2016 to 1,57,066 in 2024.
- Investment: Jump from $8 billion to $115 billion.
- Job Creation: Over 6 million jobs generated.
Contribution of Women:
- Over 73,000 startups with at least one woman director.
- Represents nearly 50% of recognised startups, underscoring women’s role in innovation and economic development.
Global Standing:
- India is now the third-largest startup hub
- Hosts over 100 unicorns, valued at over $1 billion
Economic Impact:
- Direct: Innovation-driven productivity contributing to GDP.
- Indirect: Creation of ancillary industries supporting startups.
Government Initiatives and Policies:
- Startup India Initiative: Launched in 2016 to foster a robust startup ecosystem.
- Schemes and Benefits:
- Income tax exemption for three years.
- Startup India Seed Fund Scheme.
- Fund of Funds for Startups.
- Credit Guarantee Scheme for Startups.
- Simplified compliance with single-window clearance.
- Sector-Specific Policies: Tailored for biotechnology, agriculture, and renewable energy.
Innovation Hubs:
- Major cities like Delhi-NCR, Bengaluru, Hyderabad, and Mumbai are leading innovation and hosting vibrant startup communities.
Role of Technology:
- Indian startups leverage cutting-edge technologies like:
- Artificial Intelligence
- Blockchain
- Internet of Things (IoT)
- They address both local and global challenges, enhancing their impact.
Key Drivers:
- Affordable Internet: Enhances access and innovation opportunities.
- Young, Dynamic Workforce: Fuels entrepreneurial growth across sectors like fintech, edtech, health-tech, and e-commerce.
The government’s continued support and innovative strategies have positioned India as a global leader in the startup ecosystem, empowering entrepreneurs and accelerating economic growth.
