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5 years of PM Modi’s Startup India: 5.5 lakh jobs created, 50,000 startups recognised by DPIIT

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In August last year, the company had raised $13 million as an extension to its series D round.Of fifty,000 startups acknowledged by DPIIT, 19,896 had been acknowledged prior to now 12 months

Prime Minister Narendra Modi’s flagship scheme for Indian startups – Startup India — on Thursday crossed the 50,000-mark for the variety of startups acknowledged by its implementing physique Division for Promotion of Business and Inside Commerce (DPIIT). In response to the info obtainable by the Startup India programme, 50,018 startups had been acknowledged by DPIIT on the time of submitting this report. The scheme launched by PM Modi on January 16, 2016, supposed to supply sops round registration, revenue tax exemption, simpler public procurement norms, rebate in patent submitting, straightforward winding up of firm, and extra. Monetary Categorical On-line had reported in March final yr on 29,681 DPIIT acknowledged startups as of March 11, 2020. This had greater than tripled from 8,939 startups registered until March 2018.

By way of job creation, 5,49,842 jobs had been reported thus far by 48,093 recognised startups with a median variety of 11 staff per startup, the Ministry of Commerce and Business mentioned in an announcement on Thursday. In FY21 alone, round 1.7 lakh jobs had been created by acknowledged startups. Amongst sectors with the best variety of registered startups below the Startup India programme, meals processing, product improvement, utility improvement, IT consulting, and enterprise help companies led the pack.

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“The truth that so many startups have emerged is an indication that authorities and entrepreneurial neighborhood have realized that development and livelihoods will come by way of this route. Whereas there’s a restrict to establishing factories and even when we arrange a manufacturing facility of the scale of a soccer area within the fashionable context it could at most create direct employment to 200-300 individuals throughout shifts not like an app or a portal that will generate comparable direct and a number of oblique livelihoods in few months,” Rameesh Kailasam, CEO at — trade affiliation representing India’s shopper web start-ups, unicorns and buyers – advised Monetary Categorical On-line.

Of fifty,000 startups acknowledged by DPIIT, 19,896 had been acknowledged prior to now 12 months, the Ministry of Commerce and Business mentioned in an announcement on Thursday. The acknowledged startups had been based mostly throughout 623 districts whereas every State and union territory had no less than one startup. India’s 30 states and UTs have already introduced their respective startup insurance policies whereas Maharashtra, Karnataka, Delhi, Uttar Pradesh, and Gujarat had the best focus of startups. The federal government mentioned that it took solely 180 days so as to add the final 10,000 startups vis-à-vis 808 days for the primary 10,000 at the start of the scheme. Throughout FY17, 743 startups had been acknowledged which elevated to greater than 16,000 startups acknowledged in FY21.

“India requires startups which use forward-looking know-how, are revolutionary with potential to scale and are able to creating wealth and livelihoods. That’s been the main focus of most present profitable startups and unicorns within the web tech area. Whereas the variety of startups is an efficient indicator and demonstrates entrepreneurial starvation, nevertheless, the actual change would come from this focus and strategy,” added Kailasam.

In the meantime, the variety of startups funded SEBI registered various funding funds (AIF) by way of Rs 10,000 crore Fund of Funds for Startups (FFS) below Startup India had jumped from 247 as of June 24, 2019, to 320 as of February 18, 2020, as reported by Monetary Categorical On-line earlier. FFS launched by PM Modi in 2016 had dedicated Rs 3,123.20 crore to 47 AIFs until February. PM Modi had in January additionally introduced a seed fund value Rs 1,000 crore for startups In his deal with to the BIMSTEC international locations on the Startup India’s worldwide summit Prarambh, PM Modi mentioned that “going ahead, the federal government will even assist startups to lift debt capital by offering the assure.”

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