Tatsat Chronicle Magazine

Indian Startups Have Created 6.5 Lakh Jobs To Date: DPIIT Secretary

The figure comes to 11 jobs per startup, said DPIIT Secretary Anurag Jain while sharing government's achievements and initiatives in the start-up ecosystem
January 8, 2022

Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) has claimed that government-registered companies have produced up to 6.5 lakh job opportunities in India.

Launched on 16 January 2016, the Startup India Initiative has rolled out several programmes with an aim to support entrepreneurs, build a robust startup ecosystem, and transform India into a country of job creators instead of job seekers. Since 2016, when the flagship programme was established, the DPIIT has recognised over 60,000 firms, making India the world’s third-largest startup ecosystem. Within the last five years, Indian startups have given employment to about 6.5 lakh people.

Anurag Jain, Secretary, DPIIT, said that each of the registered startups has created 11 jobs, helping build India’s identity as a job-giving country instead of job-seeking country. He said, DPIIT is preparing to officially register 50,000 new startups by 2025. It is expected that 20 lakh more new jobs will be created in this sector in the next four years.

According to the official website of Startup India, once recognised by the government, startups get exemption from income tax and capital gains tax for three years. The recognition also helps fast-track work and getting up to 80% off on patent filing.

In 2016, the Centre had established a Rs.10,000-crore fund of funds under the Small Industries Development Bank of India (Sidbi) to meet the financial needs of start-ups. Of this, Rs.6,500 crore have been committed, Jain said.

The Department for Promotion of Industry and Internal Trade will also be organising Startup India Innovation Week from January 10. As many as 30 government departments are participating in the event, which is aimed at fostering India’s startup ecosystem.