Startup India: Government Recognized Startups Witness 57%
Growth in 2020; Tally Reaches Near 40,000
Startup India- an initiative launched under the leadership of the Modi government in January 2016 to promote the startup ecosystem, recently witnessed a growth of 57% in the government recognized startups. The number of startups as of November 03, 2020 has jumped to 39,114 as compared to 24,927 startups last year.
As per the information from the startup India portal, around 26 startups are recognized by the DPIIT every day and New India is rapidly emerging as a startup hub.
In their vision document last year, the DPIIT (Department for Promotion of Industry and Internal Trade) had aimed at 50,000 new startups along with 20 lakh direct & indirect jobs by 2024. They had also aimed for seven research parks, 100 innovation zones, 500 new incubators and accelerators to provide help to budding startups. The department had also said that an India Startup Fund of Rs 1,000 crore for technology startups and another Rs 1,000 crore in seed funding to startups would be set-up.
As per the statement of Commerce and industry minister Piyush Goyal, albeit startups are becoming a key component to the entrepreneurship in the country, their exact contribution to the country’s GDP is still not known.
With the government organizing various competitions , launching accelerators and setting aside more funds to promote startups, Indian startups could witness ample opportunities to thrive in future.