The Department for Promotion of Industry and Internal Trade reported India as the home of around 1.4 lakh Indian startups. The MoS for the Ministry of Commerce and Industry, Jitin Prasada mentioned that the DPIIT recognized 1,40,803 entities as startups. Earlier this year ASK Private Wealth Hurun India’s report showed that India’s future unicorns will be valued at around $50 billion.
Fintech unicorns are predicted to contribute the most compared to other sectors for the growth of the startup ecosystem. All India Financial institution NABARD also launched agri finances worth Rs 750 crore to help them with backing and give mentorship to small businesses and startups in the agriculture sector.
The Indian government recently launched India Seed Fund Scheme, Credit Guarantee Scheme, and Funds of Funds for startups. On the basis of most number of startups Maharashtra led the list with 25,044 followed by 15,019 startups from Karnataka. Delhi NCR reported around 14,374 startups, Uttar Pradesh came in 4th place with 13,299 and Gujrat is home to 11,436 startups. Arunachal Pradesh has 123,38 DPIIT-recognized startups while Gujrat has 11,436 startups. Ladakh has the lowest number of startups around 16.
India secured third place as the largest startup ecosystem in the world. inc42 reported. The country has around 115 unicorns and 112 soonicorns while the homegrown startups have secured more than 147 billion USD to date. The Finance Minister, Nirmala Sitharaman announced a Rs 1000 crore venture fund focused on Indian space tech startups. The center also mentioned the abolishment of angel tax which was on a long-term demand by startups. The Indian startup ecosystem is expected to grow in the next few years this is why the government is trying to boost small companies into the digital marketplace.
The Central government recently issued Rs 1.25 lakh crore in the Union Budget to promote startups across agriculture and vegetable supply chains. Earlier this year, the Indian government was in the news for launching a new scheme to help startups join ONDC. All these programs were launched to promote startups and help cooperatives, startups, and farmer-led small entities scale their business. The Government of India has been taking several initiatives in the past few years to promote startups to grow more economy, make the self-reliant country, and offer more job opportunities in India.
Conclusion :
The recent reports showed that India has around 1.4 lakh startups. The government of India launched several schemes in the past few years including different initiatives and backing schemes to promote startups. India has around 115 unicorns and 112 soonicorns making it the third in the largest incipiency ecosystem globally.
Earlier this year, the center launched Rs 1.25 lakh crore in the Union Budget to promote agritech startups. Maharashtra reported the highest number of startups with 25,044 startups in the state followed by Karnataka and Delhi NCR. The Department for Promotion of Industry and Internal Trade recognized 140,803 entities as startups.
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