The Department for Promotion of Industry and Internal Trade (DPIIT) released figures of Startup performance in India as a curtain raiser to celebrate National Startup Day on January 16.
Over the last nine years and since the launch of the Startup India initiative in 2016, the number of registered startups has risen a whopping from just 400-odd to over 157,000 by the end of 2024.
The number of states/UTs with dedicated startup policies has risen from 4 in 2016 to 31. The funding space also did well, now totaling USD 115 billion, as against USD 8 billion back in 2016.
According to DPIIT, over 1.7 million jobs were created by the Indian startups. Coming to the unicorns, they have also risen in multiples – from 8 in 2016 to 118 today. Unicorns are basically startups worth at least a billion dollars and not yet listed on a public exchange.
What Else For Startup Funding In India?
Over 750 districts in India now have people brain-childing startups, as against 120 back in the day. The government under Prime Minister Narendra Modi, with the objective of building a strong ecosystem for nurturing innovation, and start-ups and encouraging investments in the start-up ecosystem of the country, launched the Startup India initiative on January 16, 2016.
To kickstart the startup ecosystem, the government has introduced various enablers in the form of schemes and interventions. Among them are Startup India Seed Fund Scheme, Fund of Funds for Startups, Credit Guarantee Scheme for Startups, Income Tax Exemption for 3 years, faster Exit for Startups, Support for Intellectual Property Protection, among others.
Startups incorporated on or after April 1, 2016 can apply for income tax exemption. The recognized startups that are granted an Inter-Ministerial Board Certificate are exempted from income-tax for a period of 3 consecutive years out of 10 years since incorporation.
The government has notified Startups as ‘fast track firms’ enabling them to wind up operations within 90 days vis-à-vis 180 days for other companies.
(ANI Copy)
ALSO READ: Global Banks To Slash Up To 200,000 Jobs In 5 Years As AI Revolutionizes Workforce: Report
