75,000 Startups Recognised In India So Far, This is Only Beginning: Goyal

Commerce & Industry Minister Piyush Goyal on Wednesday said 75,000 startups have been recognised in India and the startup ecosystem here continues to be fuelled by innovation, enthusiasm and entrepreneurial spirit. He added that India in its 75th year of independence is now home to 75,000 startups.

“These numbers tell the power of a vision. A vision to see innovation & enterprise drive growth. India is now home to 75,000 startups in the 75th year of Independence and this is only the beginning,” Goyal said in a tweet on Wednesday.

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

The commerce and industry ministry said that out of the total recognised startups, around 12 per cent cater to IT services, 9 per cent to healthcare and life sciences, 7 per cent to education, 5 per cent to professional and commercial services and 5 per cent to agriculture.

“An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem so far, which has been a 110 per cent yearly increase over the last six years. The fact that about 49 per cent of our startups are from Tier-II and Tier-III today is a validation of the tremendous potential of our country’s youth,” it added.

The Startup India programme, which was primarily set up to provide an enabling environment for the startups, on Wednesday 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, the Startup India program has become synonymous with sustainable economic growth.

“During the Independence Day Speech from the Red Fort on August 15, 2015, Prime Minister Narendra Modi had envisioned a new India that taps on the entrepreneurial potential of its people. On January 16 of the following year, the date which has now been declared as the National Startup Day, a programme 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,” the statement added.

While the initial 10,000 startups were recognised in 808 days, the latest 10,000 were achieved in only 156 days. With more than 80 Startups getting recognized per day, the highest rate in the world, the future of the startup culture is very promising and encouraging.

New-generation enterprises including Vedantu, Unacademy and Cars24 have let go of over 6,000 employees in India this year. Ola has laid off about 2,100 employees during January-March this year, followed by Unacademy (over 600), Cars24 (600) and Vedantu (400). This apart, e-commerce firm Meesho has laid off 150 employees, furniture rental start-up Furlenco 200, influencer-led social commerce start-up Trell 300 employees and OkCredit has let go of 40 employees.

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