India achieves landmark milestone, over 75000 startups recognised so far

These numbers tell the power of a vision to see innovation and drive growth, says Piyush Goyal

Latest 10000 startups recognised in 156 days compared to initial ten thousand startups in 808 days

7.46 lakh jobs created by the Indian startup ecosystem

49% of startups are from Tier II & Tier III cities

Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Shri Piyush Goyal today announced 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 & enterprise drive growth, he emphasized.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups- a milestone which coincides with 75^th year of independence. As India celebrates Azadi ka Amrit Mahotsav, the Indian startup ecosystem continues to be fuelled by innovation, enthusiasm, and entrepreneurial spirit.

During the Independence Day speech from the Red Fort on 15^th August 2015, Prime Minister Shri Narendra Modi had envisioned a new India which taps on the entrepreneurial potential of its people. On 16^th January of the following 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. 6 years hence, the action plan has successfully guided into making India the 3^rd 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.

Startup India program which was primarily setup to provide an enabling environment for the startups, has today evolved into the launchpad 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 & Tier III today is a validation of the tremendous potential of our country’s youth.

Startup recognition drives regulatory support through funding, tax incentives, IPR facilitation and eased procurement for founders. DPIIT recognition has enrolled seventy five thousand startups alongside the Startup India policy, which provides operational support via funding access, tax incentives, intellectual property facilitation, eased public procurement norms, and regulatory reforms to reduce entry and compliance barriers while broadening geographic participation and driving job creation.