Jobs Created by Startups Witness a 126% Jump from April Last Year
Commerce Minister Piyush Goyal shared a figure that shows a 126% jump in the number of jobs created by startups. The figures have scaled to 4.2 lakh jobs that were reported by more than 34,000 startups as of September 2020.
The details were released by the minister in reply to a question asked in the Rajya Sabha. According to the real-time data available in the startup India portal, the majority of the 37,171 startups listed are from Maharastra, Karnataka, Delhi, UP, and Haryana. According to Goyal, Rs 1332.05 crore was released to SIDBI (Small industrial Development Bank of India) as of September 2020. A total of 47 SEBI registered Alternative Investment Funds (AIFs) has raised a corpus fund of more than Rs 25000 crore.
The report also stressed the need to reduce dependency on China and the US for funding the startups. The startup ecosystem requires multiple large domestic funds powered by domestic capital to create stability and security in the market. The committee also suggested removing LTCG taxes for at least two years in order to boost investment funds. Indian startups have also witnessed an upsurge in the number of investors with various companies raising funds. This week 20 Indian startups received a total of $566 million funding from top investors.
Campaigns like ‘Startup India’ and ‘Make in India’ introduced by the PM has helped strengthen the startup ecosystem in the country by focusing on ease of doing business. Startup policies introduced by the centre have attracted entrepreneurs from every corner of the country. Following the centre, many state governments had also announced schemes supporting new ventures.
The government has also focused on enhancing knowledge and improving global market access for Indian startups. Centre’s vision backed by state level policies can help India become the future epicenter of startups.