(MENAFN- KNN India)
New Delhi, Jul 27 (KNN)
In a significant development for India's entrepreneurial landscape, Union Minister of State for Commerce and Industry, Jitin Prasada, revealed that the number of startups in the country has surpassed 1.4 lakhs.
This announcement, made in the Rajya Sabha, underscores the rapid growth of India's startup ecosystem.
According to data presented by Minister Prasada, Maharashtra leads the pack with 25,044 registered startups, followed by Karnataka with 15,019, and Delhi with 14,734. Uttar Pradesh and Gujarat round out the top five with 13,299 and 11,436 startups, respectively.
The minister highlighted the government's proactive approach in fostering this growth. Launched on January 16, 2016, the Startup India initiative aims to build a robust ecosystem for innovation and entrepreneurship.
The initiative's cornerstone, the 'Startup India Action Plan', encompasses 19 action items across key areas such as simplification and handholding, funding support and incentives, and industry-academia partnerships.
Building on this foundation, the government has introduced 'Startup India: The Way Ahead', a comprehensive plan focusing on ease of doing business, technological integration in reforms, capacity building, and promoting a digital Aatmanirbhar Bharat (self-reliant India).
To address funding challenges, the government has established the Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore.
Monitored by the Department for Promotion of Industry and Internal Trade (DPIIT) and operated by the Small Industries Development Bank of India (SIDBI), this fund aims to meet the capital needs of startups at various stages of growth.
Minister Prasada emphasized that these efforts go beyond mere capital provision. The government is actively working to facilitate domestic capital raising, reduce reliance on foreign investments, and encourage the growth of homegrown venture capital funds.
As India continues to cement its position as a global startup hub, these initiatives and the resulting growth in startup registrations signal a promising future for the country's entrepreneurial ecosystem.
(KNN Bureau)
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