(MENAFN- KNN India)
New Delhi, Jan 11 (KNN)
In a bold stride to cement India's position as a global startup powerhouse, the Department for Promotion of industry and Internal Trade (DPIIT) has unveiled its ambitious vision to establish startups in every district of the country by 2025.
This announcement comes as India celebrates the transformative success of its Startup India initiative, launched on January 16, 2016.
Addressing the media, DPIIT Secretary Amandeep Singh Bhatia highlighted the meteoric rise of startups in India, from a modest 400 in 2014 to an impressive 157,000 today.
"The program has been pivotal in supporting entrepreneurs, building a robust startup ecosystem, and transforming India into a nation of job creators instead of job seekers," said Bhatia.
This remarkable growth extends far beyond metropolitan hubs. DPIIT Joint Secretary Sanjiv noted, "Currently, 48 per cent of startups are emerging from tier-2 and tier-3 cities, indicating the democratisation of entrepreneurship."
Startups, once confined to just 120 districts in 2016, now span over 750 districts, with plans to reach all by 2025.
India's startup ecosystem has witnessed phenomenal milestones. The number of unicorns-startups valued at over USD 1 billion-has surged from 8 in 2016 to 118 in 2024.
Startup funding has skyrocketed from USD 8 billion in 2016 to a staggering USD 155 billion, generating over 1.7 million jobs.
Key government initiatives underpin this growth. A Fund of Funds for Startups and 144 Alternative Investment Funds, with a corpus of Rs 80,000 crores, provide financial support.
The Startup India Seed Fund Scheme nurtures early-stage ventures, while credit guarantees and regulatory relaxations ease financial hurdles. Deep-tech startups also receive targeted support to foster cutting-edge innovation.
Looking ahead, Bhatia emphasised greater collaboration with companies to develop innovative products and integrate with international markets.
As the Startup India initiative nears its decade milestone, the DPIIT aims to position India as a global leader in innovation and entrepreneurship.
The announcement, released ahead of National Startup Day
on January 16, celebrates India's transformative journey and underscores the government's commitment to fostering innovation, creating opportunities, and driving economic growth.
(KNN Bureau)
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