India has achieved a landmark milestone of 75,000startups in the country which have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). This, according to Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile, Piyush Goyal is a milestone that coincides with the 75th year of independence.
Out of the total recognised startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture. Around 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last six years. Further, about 49% of the startups are from Tier II & Tier III today, a validation of the tremendous potential of the country’s youth.
The Minister said that while the initial ten thousand startups were recognised in 808 days, the latest ten thousand were achieved in only 156 days. With more than 80 Startups getting recognised per day, this is the highest rate in the world.
The Startup India programme, an initiative of the Government of India, was primarily set up to provide an enabling environment for startups. Today, it has evolved into a launchpad providing sustainable economic growth and assistance such as providing funding, tax incentives, support for intellectual property rights, eased public procurement, enabling regulatory reforms and access to international festivals and events, Startup India program has become synonymous with sustainable economic growth.