In an effort to encourage entrepreneurship and vision of the people, the government has so far recognized over 75,000 start-up enterprises in the country since the time when Prime Minister Narendra Modi gave a call to have indigenous start-up system.
Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textile Piyush Goyal today said that India has achieved a landmark milestone, wherein 75000 startups have been recognized in the country.
These numbers tell the power of a vision. A vision to see innovation and enterprise drive growth, he emphasized.
Coinciding with 75th year of the country’s independence, the Department for Promotion of Industry and Internal Trade (DPIIT) has given recognition to the start-ups which have crossed the 75,000 milestone.
As India celebrates Azadi ka Amrit Mahotsav, the Indian startup ecosystem continues to be fuelled by innovation, enthusiasm, and entrepreneurial spirit, a statement issued by the ministry said.
During the Independence Day speech from the Red Fort in 2015, Prime Minister Modi had envisioned a new India which taps on the entrepreneurial potential of its people.
On January 16 next year, the date which has now been declared as the National Startup Day, a program was initiated to lay out an action plan to build a strong ecosystem for nurturing innovation and startups in the country.
Six years hence, the action plan has successfully guided into making India the third largest ecosystem. It is also interesting to note that, while the initial ten thousand startups were recognized in 808 days, the latest ten thousand were achieved in only 156 days.
With more than 80 Startups getting recognized per day- highest rate in the world, the future of the startup culture is very promising and encouraging, the statement said.
Startup India program which was primarily setup to provide an enabling environment for the startups, has today evolved into the launch-pad for them. From providing funding to tax incentives, from support on intellectual property rights to eased public procurement, from enabling regulatory reforms to access to international fests and events, Startup India program has become synonymous with sustainable economic growth.
Out of the total recognized 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. An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years.
The fact that about 49% of our startups are from Tier II and Tier III today is a validation of the tremendous potential of our country’s youth, the ministry said.