(MENAFN- KNN India)
New Delhi, Aug 10 (KNN)
India's start-up ecosystem continues to thrive, with nearly 67,500 Department for Promotion of industry and Internal Trade (DPIIT)-recognised start-ups boasting at least one woman director, according to a recent report from the Ministry of Commerce and Industry.
As of June 30, 2024, the country has recognised a staggering 1,40,803 start-ups since the inception of the government's concerted efforts to promote entrepreneurship.
Launched on January 16, 2016, the Startup India initiative has been a cornerstone of India's economic strategy to foster innovation and entrepreneurship across the nation. The initiative has led to the creation of over 15.53 lakh direct jobs, marking a significant contribution to the country's employment landscape.
The first half of 2024 alone saw the recognition of 23,549 new start-ups by DPIIT, indicating the rapid pace at which India's start-up culture is expanding. In the year 2023, the numbers were equally impressive, with 34,842 start-ups gaining recognition. Maharashtra continues to lead the charge with 5,816 recognised start-ups, followed closely by Gujarat with 3,295.
The government's comprehensive approach to nurturing start-ups has included the rollout of several programs such as the Startup India Action Plan, Startup India Seed Fund Scheme (SISFS), and the Fund of Funds for Startups (FFS) Scheme.
The FFS, established with a corpus of Rs 10,000 crore, has been instrumental in addressing the funding needs of burgeoning start-ups. DPIIT acts as the monitoring agency, while the Small Industries Development Bank of India (SIDBI) serves as the operating agency for FFS.
One of the key platforms launched to support this ecosystem is the Startup India Online Hub, introduced in 2017. The hub serves as a virtual meeting ground for start-ups, investors, academic institutions, incubators, accelerators, and various government bodies, fostering collaboration and growth within the community.
In a further boost to the sector, Finance Minister Nirmala Sitharaman announced in the recent Union Budget that the controversial angel tax will be abolished for all classes of investors.
This move is expected to catalyse greater investment in start-ups, particularly in early-stage ventures, thereby fuelling the next wave of innovation and economic growth in India.
The continued growth of start-ups, especially those led by women, underscores the dynamic potential of India's entrepreneurial landscape, which remains a critical driver of the nation's economic ambitions.
(KNN Bureau)
MENAFN10082024000155011030ID1108540092
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.